Foreign exchange reserves held by the State Bank of Pakistan (SBP) fell a substantial $541 million on a weekly basis, clocking in at nearly $8.19 billion as of July 21, data released on Thursday showed.

Total liquid foreign reserves held by the country stood at $13.53 billion. Net foreign reserves held by commercial banks stood at $5.34 billion.

“During the week ended on Jul 21, 2023, SBP’s reserves decreased by $541 million to $8.1861 billion mainly due to due to external debt repayments,” the SBP said.

Earlier this month, reserves held by the SBP got a boost as Pakistan received the first tranche of about $1.2 billion from the International Monetary Fund (IMF) after its lender approved a new $3-billion Stand-By Arrangement. There will be two more quarterly reviews, one in November and the last in February.

Additionally, Saudi Arabia and the UAE, which committed lending earlier, also deposited their financing with Pakistan’s central bank.