The foreign exchange reserves held by the central bank have dropped by 8.6% on a weekly basis, the drop was recorded in the data released by the State Bank of Pakistan (SBP) on Thursday.

On October 15, the foreign currency reserves held by the SBP were recorded at $17,492.2 million, down $1.65 billion compared with $19,138.4 million on October 8.

According to the central bank, the decrease came on the back of external debt repayment that included repayment of $1 billion against Pakistan International Sukuk.

Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $24,327.4 million.

Net reserves held by banks amounted to $6,835.2 million.

Earlier in the week ended on August 27, the foreign exchange reserves held by the central bank soared to an all-time high of $20.15 billion after Pakistan received a general allocation of Special Drawing Rights (SDRs) worth $2,751.8 million from the International Monetary Fund (IMF) on August 24.

Moreover, in the week that ended on October 8, the SBP data had recorded a fall of 0.16% on a weekly basis. SBP did not provide any specific reason behind the drop in the reserves.

The story was filed by the News Desk.
The Desk can be reached at info@thecorrespondent.com.pk.

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