SBP reports $173 million weekly dip in forex reserves

WEB DESK: In the latest financial update, the State Bank of Pakistan (SBP) reported a decline of $173 million in its foreign exchange reserves over the course of the week, reaching $8.04 billion as of February 2, according to data released on Thursday.

The overall liquid foreign reserves of the country were reported at $13.09 billion, with commercial banks holding net foreign reserves amounting to $5.05 billion.

The SBP clarified that the reduction in reserves was primarily attributed to debt repayments. In an official statement, the SBP stated, “During the week ending on 2-Feb-2024, SBP’s reserves decreased by $173 million to $8,044.0 million due to debt repayments.”

This decrease follows a similar trend from the previous week when Pakistan’s central bank reserves had experienced a decline of $54 million.

The ongoing updates in foreign exchange reserves emphasise the dynamic nature of the country’s economic landscape, influenced by various factors such as debt obligations and global economic conditions.