Islamabad: In line with the dominant trend of decline in the last several weeks, Pakistan’s foreign exchange reserves fell by $955 million in a week, the State Bank of Pakistan said on Thursday.
According to the weekly report on the forex reserves of Pakistan by the central bank, the forex reserves of Pakistan fell from $8.91 billion to $7.95 billion during the week that ended on November 4.
Contrary to the massive fall in SBP-held reserves, the forex reserves held by the commercial banks declined by only $2 million to reach $5.764 billion.
Cumulatively, the total foreign exchange reserves witnessed a fall of $958 million to reach $13.721 billion from $14.768 billion during the period under review.
In a statement, the SBP said that the massive drop is caused due to major external debt repayments executed during the week, including the repayment of the government’s commercial loans. “Refinancing of these loans is in process, which will improve foreign exchange reserves in coming weeks,” the central bank said.
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