Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased $289 million on a weekly basis, clocking in at $16.8 billion, showed data released on Thursday.

The central bank did not provide a reason for the week-on-week decline in reserves.

Last week, SBP-held foreign exchange reserves were down $241 million.

Meanwhile, total liquid foreign reserves held by the country stood at $23.2 billion on February 18, 2022, stated the SBP. Net foreign reserves held by commercial banks stood at $6.4 billion.

Pakistan has been looking to build its foreign currency reserves on the back of loans, remittances, and higher exports. However, foreign direct investment continues to be an area of concern for policymakers.