SBP-held foreign exchange reserves fall another $54mn, now stand at $7.9bn

Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by $54 million on a weekly basis, clocking in at $7.9 billion as of March 1, data released on Thursday showed.

Total liquid foreign reserves held by the country stood at $13.02 billion. Net foreign reserves held by commercial banks stood at $5.12 billion.

The central bank cited debt repayments as the reason for the decrease in the foreign currency reserves.

“During the week ended on 01-Mar-2024, SBP’s reserves decreased by US$ 54 million to US$ 7,895.7 million due to debt repayments,” the central bank said in a statement.

Last week, Pakistan’s central bank reserves had decreased by $63 million.