Alarming level: SBP reserves dip $303mn to $7.6bn

KARACHI: The foreign exchange reserves held by the central bank fell by $303 million during the week ended on October 7, 2022, according to data released by the State Bank of Pakistan (SBP) on Thursday.

Sharing a break-up of the foreign reserves position, SBP said that the foreign currency reserves held by the central bank were recorded at $7.6 billion, down by $303 million compared to $7.9 on Sept 30.

Total liquid foreign reserves held by the country stood at $13.25 billion, said the SBP on Thursday. Net foreign reserves held by commercial banks amounted to $5.65 billion.

“During the week ended on October 7, 2022, SBP’s reserves decreased by $303 million to $7.596 billion,” said SBP. “This decrease was entirely attributed to external debt repayments, which included repayment of a commercial loan and interest payment on Eurobonds.”

In September, SBP’s reserves had increased as the central bank received the $1.2-billion tranche from the International Monetary Fund (IMF).