SBP reserves drop $690m to $11.9bn

KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by $690 million to $11,989.2 million during the week ending March 20, 2020, according to data released by the central bank on Thursday.

This decline is attributed primarily to the government’s external debt payments, which amounted to $391 million, Hajj and other official payments, the central bank said.

Net foreign reserves, however, marginally increased, from $6,063.4 million to $6,115.9 million.

The total liquid foreign reserves held by the country stood at $18,105.1 million.