SBP reserves fall to $10.55 billion

KARACHI: The State Bank of Pakistan’s (SBP) foreign exchange reserves fell by $328 million to $10.558 billion during the week that ended on April 23, data released by the central bank showed on Thursday.

The total foreign reserves held by the country, including net reserves of commercial banks, stood at $16.668 billion as of April 23.

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Net foreign reserves of banks were recorded at $6.110 million.

The SBP said said its reserved decreased due to external debt repayments.

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Earlier, the Ministry of Finance clarified that there had been no fresh borrowings by the government from the State Bank of Pakistan (SBP).

“In fact the government has been retiring its previous stock of debt with the SBP on its maturity,” the ministry said in a statement while responding to news circulating on social media whereby an impression was being created that government had borrowed from the central bank.