Overall foreign reserves stand at $13.48bn after dip of $140.8mn: SBP

KARACHI: The overall foreign reserves of Pakistan were recorded at the level of $13.48bn after a dip of $140.80 mn due to external debt servicing and other payments, the State Bank of Pakistan (SBP) said in its weekly report issued here on Thursday.

The reserves held by the SBP are currently standing at $6.90bn whereas the forex reserves available with the commercial banks were at $6.58bn level.

The central bank, in its last weekly report issued on Thursday (January 10) had reported a decline of $230.9mn in its foreign exchange reserves.

In a data released by the central bank in its weekly report, the reserves held by the SBP stood at $7.4bn whereas the forex reserves available with the commercial banks were at $6.54bn level.

Pakistan is struggling to meet its debt-service requirements and is facing a balance-of-payments crisis which has resulted in a rapid decline of the reserves.

However, the situation is expected to improve soon as the United Arab Emirates (UAE) has finalised a financial package for Pakistan worth $6.2bn, while a $1bn tranche from Saudi Arabia is likely to be released in the month of February.

Meanwhile, China had also confirmed the Financial Times story that said the Asian giant would soon provide Pakistan with $2bn in financial aid to support its economy.