KARACHI: The country’s total liquid foreign exchange reserves fell by $98 million last week, primarily due to a decrease in reserves held by commercial banks. This decline marks a continued downward trend, with commercial bank reserves now dipping below the $5 billion threshold.
As reported by the State Bank of Pakistan (SBP) on Thursday, the total liquid foreign exchange reserves held by the country are stood at $16.017 billion as of October 18, 2024, down from $16.111 billion on October 11, 2024.
During the week under review, SBP reserves experienced a modest increase of $18 million, rising to $11.0441 billion compared to $11.022 billion the previous week.
However, the net foreign reserves held by commercial banks declined significantly, falling by $112 million to settle at $4.976 billion, down from $5.088 billion the prior week. This downward trend in commercial bank reserves raises concerns about the overall liquidity position in the financial system.
Copyright Business Recorder, 2024
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