SBP forex reserves decline 0.50pc to touch $13,787.9m

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Karachi: Decline in foreign exchange reserves continued for the fourth consecutive week as reserves held by State Bank of Pakistan (SBP) touched $13,787.9m on 6th October.

This represents a 0.50pc fall on a week-on-week basis, as per data released by SBP. In the preceding week before October 6th, reserves were recorded at $13,857m.

Liquid foreign exchange reserves including those held by commercial banks other than SBP stood at $5.884.1m. If SBP’s reserves are included, then total forex reserves were recorded at $19.672m.

This decrease in foreign exchange reserves has been attributed to external debt servicing. Forex reserves had risen a few months ago because inflows from Asian Development Bank of $622m and $106m from World Bank (WB).

$350m were received by central bank on account of Coalition support fund and $62m payment was made for external debt servicing

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