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SBP foreign reserves decline by US$146m after successive increase

SBP foreign reserves decline by US$146m after successive increase

KARACHI: After a successive increase in foreign reserves during the past weeks, the State Bank of Pakistan (SBP) on Thursday announced a decline in the reserves by United States Dollar (USD) 146 million.

According to the details of liquid foreign reserves held by the country, the central bank said that currently, the total reserves stood at US$ 18,912.2 million on 24 July 2020.

Giving a break-up of the reserves, it said that the foreign reserves held by the State Bank of Pakistan stood at US$ 11,975.6 million as compared to US$ 6,936.6 million held by the commercial banks.

It said that the SBP reserves decreased by US$146 million to US$ 11,975.6 million, due to government external debt repayments.

It is pertinent to mention here that Pakistan witnessed an increase in liquid foreign reserves during the week ended on July 17 and surpassed the United States Dollar (USD) 19,000 million mark.

The rise in the reserves by US$67 million is mainly due to official inflow received by the central bank.

Similarly, foreign exchange reserves held by the State Bank of Pakistan (SBP) on July 16, during the week ending on the 10th of July, rose by $13 million to $12.05 billion.