SBP Reserves Decrease by $134 Million to $7.8 Billion

The foreign exchange reserves held by the central bank decreased by 1.7 percent on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On November 18, the foreign currency reserves held by the SBP were recorded at $7.825 billion, down $134 million compared to $7.960 billion on November 11 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 $13.64 billion. Net reserves held by banks stood at $5.82 billion, registering a decrease of $18 million. It is pertinent to mention here that Pakistan has to pay $1 billion on December 5 against the maturity of the five-year Sukuk. The central bank reserves have fallen by nearly $2 billion in the current fiscal year (FY23), while the decrease in reserves for the current calendar year stands at nearly $10 billion. The central bank reserves stood at $17.68 billion on Dec 31, 2021, and have declined by $9.86 billion till November 18.