SBP reserves fall $241 million

KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) fell by $241 million to $17.095 billion during the week that ended on Feb 11, the data shared by the central bank showed on Friday.

The SBP said the central bank’s reserves were recorded at $17.095 billion, down $241 million compared to $17.336 billion on February 4.

The central bank didn’t give the reason for the decrease in its reserves.

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Overall reserves held by the country, including net reserves of commercial banks, stood at 23.490 billion as of Feb 11, 2022, the SBP said. Net foreign reserves of banks amounted to $6.394 billion.

The State Bank of Pakistan (SBP) last week said its foreign exchange reserves surged 10.23% or $1,609 million during the week ending on February 4.

The increase came due to the receipt of $1,053 million from the International Monetary Fund (IMF) under the Extended Fund Facility (EFF) programme, the central bank had said.