State Bank’s foreign exchange reserves fell below $4.5 billion

KARACHI: The foreign exchange reserves held by the State Bank of Pakistan (SBP) fell another $1,233 million to an alarming level of 4.34 billion, ARY News reported on Thursday, citing the central bank.

According to a release, the total liquid foreign exchange reserves held by the country stood at US$10,187.8 million as of January 6.

During the week ended January 6, SBP’s foreign exchange reserves fell by $1.233 billion to $4.343 billion due to external debt repayments. Meanwhile, net foreign exchange reserves held by commercial banks stood at $5.84 billion.

Earlier on January 7, it was reported that foreign reserves held by the State Bank of Pakistan (SBP) fell by $1.2 billion to $4.5 billion.

Reserves fell to $4.5 billion after new debt repayments to the UAE. Pakistan paid $600 million to Emirates NBD Bank and $415 million to DIB on Friday, they say.

Earlier in January, Finance Minister Ishaq Dar said that Pakistan would soon receive from friendly countries, including Saudi Arabia.

Speaking to reporters in Islamabad, the government was repaying the country’s outstanding debt on time, lamenting that the country’s foreign exchange reserves were sinking due to foreign debt payments.



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