Foreign reserves declined by $537.8m this week

KARACHI: Total liquid foreign reserves of the country declined by $537.8 million to $20.830 billion this week compared to $21.368 billion last week.

The reserves of the country are declining as there is a pressure on the interbank exchange rate and the central bank is selling their dollars in the interbank market to control the exchange rate.

The foreign liquid reserves of the State Bank of Pakistan declined by $718 million to $15.479 billion in the last week compared to $16.143 billion last week, said SBP here yesterday.

The net foreign reserves held by commercial banks surged by $127 million this week to $5.351 billion compared to $5.224 billion last week.