SBP’s foreign exchange reserves drops to $7.84bn

KARACHI: The foreign exchange reserves held by the State Bank of Pakistan (SBP) have dropped to $7.84 billion after decrease of $81 million, ARY News reported on Thursday.

Meanwhile, the total liquid foreign reserves held by the country stood at $13.17 billion after a decrease of $77.4 million.

The net reserves held by commercial banks amounted to $5.32 billion with an drop of $3.9 million.

SBP spokesperson said that the routine debt payment is going on without any hurdles despite Pakistan’s economic crisis.

On August 24, the foreign exchange reserves held by the State Bank of Pakistan (SBP) dropped to $7.93 billion after a loan payment of $125 million.

Meanwhile, the total liquid foreign reserves held by the country stood at $13.24 billion after a decrease of $131 million.

The net reserves held by commercial banks amounted to $5.31 billion with an drop of $6 million.

It is pertinent to mention here that the Remittances sent home by overseas Pakistani workers declined by 7.3 percent and reached $2.0268 billion in July, a drop of 19.7 percent on a year-on-year basis.

According to the data provided by State Bank of Pakistan (SBP), the inflow of overseas Pakistani workers’ remittances clocked at $$2.0268 billion in July 2023 against $2.51 billion in the same month last year.

The SBP data shows, overseas Pakistanis workers in Saudi Arabia remitted $486 million, United Arab Emirates (UAE) sent $315 million, $305.7 million from United Kingdom (UK) and $238.1 million from United States (US).