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SBP’s foreign exchange reserves plunge

SBP’s foreign exchange reserves plunge

KARACHI: State Bank of Pakistan’s weekly report for the week ending on January 24 has revealed that the Central Bank’s foreign exchange reserves have fallen to $3.177 billion as compared to $3.322 billion in the preceding week, registering a decline of $145 million.

The decline in the SBP’s reserves is partly attributed to $76 million paid on account of external debt servicing and other official payments, according to report. During the week, there were no significant inflows from multilateral and bilateral sources.

According to the report, total liquid foreign exchange reserves held by the country stood at $7.993 billion, while the foreign exchange reserves of commercial banks amounted to $4.817 billion on January 24.