SBP reserves drop $356m to $11.79bn

The foreign exchange reserves held by the central bank declined 2.9pc on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.

On October 9, the foreign currency reserves held by the SBP were recorded at $11,798.4 million, down $356 million compared with $12,154.7 million in the previous week.

According to a central bank statement, “The SBP made external debt repayment of $507 million during the week. After accounting for official inflows, SBP reserves decreased $356 million.”

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Overall, liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $19,015.5 million. Net reserves held by banks amounted to $7,217.1 million.

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