The State Bank of Pakistan (SBP) reported another fall in its forex reserves by $54 million in the week ending on March 1, 2024, due to debt repayment.
The SBP said that with the foreign payments, its total reserves stand at $7.895 billion while commercial banks possess $5.124 billion.
As of March 1, 2024, Pakistan’s total liquid foreign exchange reserves stood at $13.02 billion which is low from the $14 billion target set by the International Monetary Fund (IMF) till the end of the ongoing fiscal year FY2024.
Last week, foreign exchange reserves held by the SBP decreased by $63 million, clocking in at $7.95 billion as of February 23, 2024.
