SBP foreign exchange reserves dip below $9 billion, debt repayments cited

The country’s total liquid foreign reserves now stand at $14.207 billion, with commercial banks holding $5.311 billion in net foreign reserves.

The SBP attributed this decline to external debt repayments during the week ending June 21, 2024.

Just last week, Pakistan’s central bank reserves had seen a modest increase of $31 million.

In May, SBP reserves had surged by $1.114 billion, crossing the $9 billion mark for the first time in nearly two years. This increase was driven by the receipt of the final tranche of $1.1 billion under the International Monetary Fund’s $3 billion Stand-By Arrangement.