SBP’s foreign exchange reserves dip by $54 million

WEB DESK: In the latest financial update, the State Bank of Pakistan (SBP) has reported a decrease of $54 million in its foreign exchange reserves for the week ending March 1, bringing the total to $7.9 billion.

The data, released on Thursday, also revealed that the country’s overall liquid foreign reserves now stand at $13.02 billion, with commercial banks holding net foreign reserves amounting to $5.12 billion.

According to the central bank, the primary factor contributing to this decline in foreign currency reserves is attributed to ongoing debt repayments.

In an official statement, the SBP clarified, “During the week ending on 01-Mar-2024, SBP’s reserves decreased by US$ 54 million to US$ 7,895.7 million due to debt repayments.”

This marks the second consecutive week of a decline in Pakistan’s central bank reserves, with the previous week witnessing a decrease of $63 million.

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