SBP Reserves Tumble Again, Down to $11.3 Billion

The foreign exchange reserves held by the State Bank of Pakistan (SBP) fell once again on a weekly basis according to data issued by the central bank on Thursday. According to the latest data released by the SBP, on January 24, the foreign currency reserves held by the SBP were recorded at $11.372 billion, down $76 million compared to $11.449 billion on January 17. In a short statement, the central bank said the decline in reserves was due to external debt repayments. The net reserves held by banks were recorded at $4.68 billion, down $62 million from $4.741 billion last week. Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $16.052 billion, down 137 million over the previous week. It is pertinent to mention here that last week, the central bank’s reserves fell by $276 million. The reserves have been under pressure in recent weeks after crossing the $12 billion mark in late November (last year).