Foreign exchange: SBP reserves go down by $289 mln

KARACHI: The data released by the State Bank of Pakistan (SBP) showed on Thursday that the foreign exchange reserves dropped by $289 million up to 1.69 per cent on a weekly basis.

According to the SBP data, the foreign currency reserves of the central bank were recorded at $16,806.5 million on February 18. A $289 million decrease was recorded as compared to 17,095.8 million on February 11.

However, no reason was given by the central regarding the fall of reserves.

The total volume of liquid foreign currency reserves including net reserves held by banks other than the central bank stood at $23,226 million, whereas, the net reserves of the banks amounted to $6,419.5 million.

READ: FOREIGN EXCHANGE: SBP RESERVES RISE $1.61BN TO $17.34BN

Earlier, the foreign exchange reserves held by the State Bank of Pakistan (SBP) fell by $241 million to $17.095 billion during the week that ended on Feb 11.

The SBP had stated that the central bank’s reserves were recorded at $17.095 billion, down $241 million compared to $17.336 billion on February 4.

Last week, the overall reserves held by the country, including net reserves of commercial banks, stood at 23.490 billion as of Feb 11, 2022, the SBP said. Net foreign reserves of banks amounted to $6.394 billion.