Pakistan’s foreign reserves decline by US$1,712 mn: SBP

KARACHI: Pakistan’s foreign reserves on Thursday witnessed a decline of United States Dollar (USD) 1,712 million during the week ended on May 29, ARY NEWS reported citing details shared by State Bank of Pakistan (SBP).

According to the central Bank’s statistics, the total liquid foreign reserves held by the country stood at US$ 16,920.1 million on 29 May.

Giving a break-up of the foreign reserves position, it said that the reserves held by the State Bank of Pakistan stood at $10,362.1 million while commercial banks currently holds reserves of upto $ 6,558 million.

It further said that during the week ended 29 May, the SBP reserves decreased by $1,712 million to $10,362.1 million. This decline is primarily attributed to government’s external debt repayments of $ 1,669.1 million.

During the past week on Thursday, the total liquid foreign reserves held by the State Bank of Pakistan (SBP) decreased by $55 million to $12,073 million during the week ending on May 21.

According to the central bank’s weekly report, the total foreign reserves held by the country stood at $ 18,597.9 million on the corresponding date. The net reserves held by commercial banks stood at $6,524 million.

SBP reserves decreased by $55 million to 12,073 million due to external debt repayments, read the report.