SBP reserves drop $59m to $12.8bn

The foreign exchange reserves held by the State Bank of Pakistan (SBP) fell 0.45pc on a weekly basis, according to data released by the central bank on Thursday.

On February 12, the foreign currency reserves held by the SBP were recorded at $12,889.7 million, down $59 million compared with $12,949.1 million in the previous week.

The central bank attributed the decrease to external debt repayments.

Overall, liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $20,058.6 million. Net reserves held by banks amounted to $7,168.9 million.