Forex reserves dip $54m to $8.21b

Pakistan’s central bank, on Thursday, reported that the country’s foreign exchange reserves reached $8.21 billion, marking a 0.6% week-on-week decline as of January 26, 2024. The State Bank of Pakistan (SBP) explained that the reduction was attributed to debt repayments. The SBP’s foreign currency reserves experienced a $54 million drop compared to the previous week total of $8.27 billion. Including commercial banks’ reserves, the country’s total liquid foreign currency reserves amounted to $13.26 billion, with commercial banks holding net reserves of $5.04 billion.

In its weekly update, the central bank highlighted the positive impact of recent inflows, including the second tranche of $705.6 million from the International Monetary Fund (IMF) under its $3 billion ongoing loan programme. Despite outflows due to foreign debt repayment, the reserves remained robust.

Read more: https://tribune.com.pk/story/2455182/forex-reserves-dip-54m-to-821b