Pakistan’s Foreign Exchange Reserves Fall by $38 Million

Pakistan’s foreign exchange reserves declined by $38 million in the week that ended on 10 September, according to data released by the State Bank of Pakistan on Thursday. The total liquid foreign reserves held by the country stood at $27,064.9 million on 10 September, which is $38 million lower than the reserves recorded at $27,103 million on 3 September. Within this, the foreign reserves held by the State Bank of Pakistan (SBP) remained unchanged week-over-week at $20,022.7 million while the net foreign reserves held by the commercial banks fell to $7,042.2 million. The central bank’s reserves soared to a record high of $20.15 billion in August after the International Monetary Fund directed for Special Drawing Rights worth $2,751.8 million to the SBP. However, the SBP’s reserves fell by $123 million to $20,022.6 million last week, which it attributed to a rise in external debt repayments. Pakistan’s foreign exchange reserves have maintained a positive trend amid vulnerabilities in the current account and a sharp depreciation in the Pakistani Rupee. Pakistan’s foreign exchange reserves have maintained a positive trend amid vulnerabilities in the current account and a sharp depreciation in the Pakistani Rupee.