Debt repayments: Foreign reserves down by $59 million to $12.271 billion

The State Bank of Pakistan (SBP) reserves decreased by $ 59 million to $ 12.271 billion end of the last week mainly due to external debt repayments.

According to weekly foreign exchange reserves report, during the week under review, reserves held by banks mounted up by $48 million. Net foreign exchange reserves held by commercial banks surged to $ 6.473 billion end of the last week up from $6.425 billion a week earlier.

The total liquid foreign reserves held by the country stood at $ 18.745 billion as on May 8, 2020 compared to $ 18.755 billion as on April 30, 2020, showing a decline of $10.6 million.