Forex reserves fall $88m to total $17.6bn

Declining trend in central bank's reserves continues

Foreign exchange reserves held by the State Bank of Pakistan (SBP) dropped by $88 million to $17.6 billion on a weekly basis, data released on Thursday showed.

The central bank reported that the country’s total reserves were $23.9bn while the holdings of the commercial banks were $6.3bn during the week ended on Jan 7.

In the week before, SBP-held foreign exchange reserves were down $169 million due to external debt repayment.

It is pertinent to mention here that reserves held by the central bank have been in decline for some weeks, putting pressure on the currency market and thus weakening the exchange rate.

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