You are currently viewing Pakistan’s Foreign Reserves Drop by $172 Million: SBP Data

Pakistan’s Foreign Reserves Drop by $172 Million: SBP Data

KARACHI – The State Bank of Pakistan (SBP) has reported a $172 million decline in foreign exchange reserves over the past week.

According to SBP’s latest data on Thursday, total liquid forex reserves stood at $8.045 billion as of February 2, down from $8.217 billion on January 26.

The central bank attributed the reserves depletion to external debt repayments.

Including reserves with commercial banks, Pakistan’s total foreign currency reserves were recorded at $13.098 billion, lower by $164 million compared to the previous week.

Read More: Eighteen Unveils New Centro II Business Center and Pavilion 15 in Islamabad

Net reserves with banks rose by $8 million to reach $5.054 billion at the end of this reporting period.

The continued drain on Pakistan’s foreign exchange coffers comes as the country struggles with a balance of payments crisis and critically low reserves.

Experts say the new government will need to take urgent steps to bolster exports, attract investment and secure IMF funding to rebuild shrinking forex buffers.

Leave a Reply