KARACHI: The country’s total liquid foreign exchange reserves declined by $252 million during last week.

According to the State Bank of Pakistan (SBP) weekly report issued on Thursday, Pakistan’s total liquid foreign exchange reserves stood at $ 26.151 billion as on September 24, down from $26.403 billion on September 17.

During the week under review, the SBP’s reserves decreased by $ 249 million to $19.295 billion. Net foreign reserves held by commercial banks stood at $6.856 billion, down $3 million.

The SBP’s foreign exchange reserves are continuously declining due to external debt servicing and rising current account deficit. Cumulatively, the foreign exchange reserves held by the SBP fell sharply $728 million during last two weeks. The SBP’s reserves were $ 20.023 billion as on September 10 compared to $19.294 billion on September 24.

Copyright Business Recorder, 2021