Foreign exchange: SBP reserves go down by $75mn in a week

KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by $75 million to $10.1bn during the week ended on May 20, ARY News reported.

According to the central bank’s weekly report, the SBP reserves were recorded at $10,088.6 million, down $75 million compared with $10,163.6 million on May 13.

The central bank attributed the decrease to government external debt payments.

Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $16,149.8 million. Net reserves held by banks amounted to $6,061.2 million.

The federal government on Thursday increased petrol and diesel prices up to Rs30 per litre to reduce fuel subsidies.

GOVT HIKES PETROL, DIESEL PRICES UP TO RS30 PER LITRE

Finance Minister Miftah Ismail made the announcement at a press conference. He had announced to hike the petrol, diesel, light diesel and kerosene oil prices up to Rs30 per litre.

After the recent hike, the new price of petrol is Rs179.86 per litre, high-speed diesel (HSD) Rs174.15, kerosene oil Rs155.56 and light diesel Rs148.31 rupees.