SBP Forex Reserves Show a Weekly Decline

The foreign exchange reserves held by the State Bank of Pakistan for the week ending July 23 showed a decrease of $221 million, or 1.22 percent, on a weekly basis. The SBP reserves for the week in concern were recorded at $17,829.8 million, down from $18,050.7 million recorded on July 16, SBP data showed on Thursday. No reason for the decline was provided by the central bank. ALSO READ Kamyab Pakistan Will Uplift 4.5 Million Underprivileged Households: Finance Minister Total liquid foreign currency reserves held by the central bank and other banks were recorded at $24,875.5 million. Out of these, the net reserves held by banks other than the SBP amounted to $7,045.7 million. Pakistan borrowed $2.5 billion through Eurobonds on March 30, 2021, which helped bolster the reserves. The reserves also increased on account of $2.5 billion in inflows from China.