KARACHI: The State Bank of Pakistan’s (SBP) foreign exchange reserves fell by $463 million to $15.727 billion in the week ending January 28. The SBP attributed the drop in reserves on the service of external debt.
The SBP has lost $4.346 billion since August 2021, hence the downward trend is critical for the country. In August of last year, the central bank’s reserves were at a record high of $20.073 billion dollars.
Last week, the SBP witnessed a decline of $845m, which shattered the confidence of the currency market. The government is also in need to improve this situation.
The country’s reserves were $22.085bn while the holdings of the commercial banks were $6.356bn during the same week ended on Feb 28.