The foreign exchange reserves held by the central bank fell 8.6 per cent during the week ending on October 22, according to data released by the State Bank of Pakistan (SBP) on Thursday.
According to the central bank, the foreign currency reserves held by the SBP were recorded at $17,146.7 million, down $346 million compared with $17,492.2 million on October 15.
Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $23,933.8 million.
Net reserves held by banks amounted to $6,787.1 million.
The central bank cited no reason behind the decrease in the reserves.
Earlier on Wednesday, Saudi Arabia announced a support package of $4.2 billion for Pakistan, which were expected to shore up the country’s foreign reserves, which have been shrinking.
As per a report by a local media outlet, the Saudi government was to immediately deposit $3bn in Pakistan’s account for a year and keep it rolling at least until the completion of the IMF programme in October 2023.
