SBP’s forex reserves drop to lowest since June

KARACHI: Foreign exchange reserves of the State Bank of Pakistan (SBP) have fallen to 4.1 per cent – the lowest since June 25, 2021.

The foreign exchange reserves held by the central bank fell 4.07pc on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.

However, the net reserves held by banks amounted to $6,519.7 million.

The reserves were recorded at $16,254.1 million on November 19, down $691 million compared with $16,945.4 million on November 12 due to “external debt repayments.”

The overall reserves, including reserves held by banks other than the SBP, dropped to its seven-month low. Total reserves stood at $22,773.8 million, recording a decline of $777 million — lowest since April 30, 2021.