SBP reserves fall another $178.2m to $3.91b

KARACHI: The foreign exchange reserves held by the State Bank of Pakistan (SBP) has dropped to $3.91 billion after a decrease of $178.2 million on June 2, ARY News reported on Thursday.

Overall, the liquid foreign currency reserves held by the country, including the net reserves held by banks other than the SBP, stood at $9,33 billion till June 9.

The net reserves held by commercial banks amounted to $5.42 billion with an increase of $0.3 million.

READ: Foreign exchange: SBP reserves fall $119m to $4.19b

The central bank attributed the decrease in reserves to external debt repayments.

Pakistan’s economy is in turmoil amid financial woes and the delay in an agreement with the International Monetary Fund (IMF) that would release much-needed funding crucial to avoid the risk of default.

Last week, SBP’s foreign exchange reserves decreased by $102 million.