Pakistan’s foreign exchange reserves fell by $220 million on a weekly basis, with the total now standing at $7.494.2 billion.

Reserves dropped by 2.8% as of October 20, data released on Thursday by the State Bank of Pakistan (SBP).

According to data released by the central bank on Thursday, its foreign currency reserves decreased by $220 million to $7,494.2 million in the week ending on October 20, compared to the previous week’s total of $7,714.0 million.

The SBP in its report attributed the reason for this substantial decrease to debt repayments.

The total liquid foreign reserves held by the country, including the reserves held by commercial banks, stood at $12,655.6 million. Commercial banks held reserves of $5,161.4 million.

Read Economy showing early signs of improvement: SBP

The central bank reserves had improved significantly last week, for which, however, the bank did not mention any reason.

The country’s foreign currency was improved by the financial assistance under SBA from the IMF and friendly nations.

Under a $3 billion loan programme, the IMF provided the first tranche of $1.2 billion while Saudi Arabia and the UAE deposited $3 billion in SBP’s accounts.

Published in The Express Tribune, October 27th, 2023.

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