Pakistan’s foreign reserves drop to $13.145 billion

KARACHI: Pakistan’s liquid foreign exchange reserves dropped to 13.1451 billion US dollars as of 12^th January, ARY News reported quoting the State Bank of Pakistan (SBP).

According to the SBP data issued by the central bank’s spokesperson, the foreign exchange reserves held by the SBP decreased by 127 million US dollars to 8,027.4 million US dollars due to debt repayments during the week ended on 12^th January.

Total liquid foreign #reserves held by the country stood at US$ 13.15 billion as of January 12, 2024. For details https://t.co/WpSgomnKT3 #SBPReserves pic.twitter.com/stCjN775VV

— SBP (@StateBank_Pak) January 18, 2024

Giving breakup of Pakistan’s liquid foreign reserves position, the SBP revealed that total reserves held by the country stood at 13,145.1 million US dollars. Out of the total, the SBP held 8,027.4 million US dollars while net foreign reserves held by commercial banks stood at 5,117.7 million US dollars.

Total liquid foreign reserves held by the country, in the previous week ended on January 05, 2023, were $13,256.6 million. Among them foreign reserves held by the central bank were $8,154.8 million while net foreign reserves held by commercial banks were $5,101.8 million.

Earlier, the SBP reported an improvement in its current account balance from July to December 2023.

According to the details, the latest figures revealed an improvement in the current account deficit with a loss recorded at $83.1 million during the period of July-Dec FY24, meanwhile $3.62 billion of loss was recorded in the current account balance during the period of July-Dec FY23.