Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased 1.21% on a weekly basis, according to data released on Thursday by the central bank, marking the sixth successive week when the amount has experienced a dip.
On January 19, foreign currency reserves held by the central bank were recorded at $13,532.8 million, down $166.2 million or 1.21% compared to $13,699 million in the previous week.
The decrease in reserves was attributed to external debt servicing and other official payments. Foreign exchange: SBP’s reserves decrease another 2.03%, now stand at $13.7b
Overall, liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $19,640.4 million. Net reserves held by banks amounted to $6,107.6 million.
Pakistan recently raised $2.5 billion by floating dollar-denominated sovereign bonds in the international market in a bid to shore up official reserves. A few months ago, foreign currency reserves surged due to official inflows including $622 million from the Asian Development Bank (ADB) and $106 million from the World Bank. Earlier, the SBP received $350 million under the Coalition Support Fund (CSF) and made payments of $62 million for external debt servicing.