SBP forex reserves drop to alarming level of $3.5bn
Business
Net foreign reserves held by commercial banks came at $5.3bn
ISLAMABAD (Dunya News) - The State Bank of Pakistan (SBP) said its foreign exchange reserves had fallen by $482 million.
During the week ending on June 16, the total foreign exchange reserves held by the central bank dropped to around $3.5 billion , the SBP said in a statement late Thursday.
The downward trend was witnessed "due to external debt repayment," the SBP said.
In running week, the central bank has received $300m in proceeds government of Pakistan's commercial loan, said the statement.
"These inflows shall be incorporated in the reserves position to be published next week," it added.
Meanwhile, net foreign reserves held by commercial banks came at $5.3bn.
Total liquid foreign reserves held by the cash-strapped country stood at about $8.9bn, according to the SBP.
