SBP Reserves Decline by Over $250 Million in One Week

The foreign exchange reserves held by the State Bank of Pakistan (SBP) posted a decline of over $250 million on a weekly basis according to data issued by the central bank on Thursday.    According to the latest data released by the SBP, on February 7, the foreign currency reserves held by the SBP were recorded at $11.167 billion, down $252 million compared to $11.418 billion on January 31.   The central bank reserves crossed the $12 billion mark towards the end of November 2024, however, they have declined in recent weeks due to external debt repayments. Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $15.863 billion, down 181 million over the previous week.     The net reserves held by banks were recorded at $4.696 billion, registering an increase of $70 million during the week.