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Foreign reserves decline by US$59 mn, announces SBP

KARACHI: The foreign exchange reserves in the country have witnessed a decline of US$ 59 million in the week ending on February 12, ARY NEWS reported quoting State Bank of Pakistan (SBP).

According to data shared by the SBP, the total liquid foreign reserves held by the country stood at US$ 20,058.6 million on February 12 after the decline.

Giving a break-up of the foreign reserves, the central bank said that the reserves held by the State Bank of Pakistan stood at US$ 12,889.7 million while commercial banks held US$7,168.9 million.

Sharing the reason for a decline in the SBP reserves by US$ 59 million to US$ 12,889.7 million, the central bank said that it was owing to external debt repayment.

This is the second consecutive week when the SBP reserves had witnessed a decline.

According to a report on February 11, the foreign exchange reserves held by the State Bank of Pakistan (SBP) fell by $80 million compared with $13,031 million in the previous week.

Read More: SBP reserves surge $33mn to $13bn

According to the data released by the central bank, net reserves held by the SBP stood at $12,949 million.

Overall liquid foreign reserves held by the country stood at US$ 20.07 billion as of February 04, 2021. Net reserves held by banks amounted to $7,124 million.

However, the central bank gave no reason for the decrease in reserves.

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