SBP reserves fall by $2.915 bn

KARACHI: The State Bank of Pakistan’s (SBP) foreign exchange reserves fell by $2.915 billion to $12.047 billion in a week, according to data shared by the central bank.

The SBP said the central bank’s reserves were recorded at $12.047 billion during the week that ended on March 25, down $2.915 billion compared to $14.962 billion on March 18.

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Overall reserves held by the country, including net reserves of commercial banks, stood at $18.554 billion as of March 25, the SBP said, adding net foreign reserves of banks amounted to $6.507 billion.

The SBP said the foreign reserves fell due “repayment of external debt, including repayment of a major syndicated loan facility from China.”

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“The rollover of this syndicated facility is being processed and is expected shortly,” it added.