RECORDER REPORT

KARACHI: The country’s total liquid foreign exchange reserves declined by $111 million during the last week due to external debt servicing.

According to weekly report issued by State Bank of Pakistan (SBP) on Thursday, the total liquid foreign exchange reserves held by the country stood at $ 13.145 billion as of Jan 12, 2024 compared to $13.256 billion as of Jan 5, 2024.

During the week under review, SBP’s reserves decreased by $ 127 million to $ 8.027 billion down from $ 8.154 billion due to debt repayments.

However, net foreign reserves held by commercial banks witnessed an upward trend and rose by $16 million to $ 5.118 billion at the end of last week.

On Wednesday, Pakistan received SDR 528 million or equivalent to $705.6 million in value as loan tranche from IMF following successful completion of the first review by the Executive Board of IMF under Stand By Arrangement (SBA). This disbursement will be reflected in SBP Reserves for the week ending on 19th January 2024.