SBP sees $63mn dip in foreign reserves due to debt repayment

The State Bank of Pakistan (SBP) reported a decrease in its foreign reserves by $63 million to $7.94 billion due to debt repayments for the week ending February 23, 2024. 

According to a press release, the total liquid foreign reserves held by the country amounted to $13.038 billion. 

Of the total $13.038 billion reserves, the SBP holds $7.94 billion, while commercial banks in the country hold the remaining $5.08 billion. 

The SBP has been striving to maintain its foreign exchange reserves above $8 billion to ensure exchange rate stability. However, several repayments are in queue for debt servicing, profits outflows and other dues.