Foreign Exchange: SBP reserves go down by $843.7 million

Web Desk – March 24, 2022

KARACHI: The data released by the State Bank of Pakistan (SBP) showed on Thursday that the foreign exchange reserves dropped by $843.7 million during the week.

According to the SBP data, the foreign currency reserves of the central bank were recorded at $21.43 billion till March 18. The SBP reserves stood at $14.96 billion after the reduction of $869.2 million.

Foreign exchange reserves, SBP, forex

The net reserves of the commercial banks have amounted to $6,47 billion with an increase of $25.5 million.

Earlier on March 4, the foreign exchange reserves held by the State Bank of Pakistan (SBP) had fallen by $344 million to $16.462 billion during the week that ended on Feb 25, according to data shared by the central bank.

The SBP had said the central bank’s reserves were recorded at $16.462 billion, down $344 million compared to $16.806 billion on February 18.

The central bank didn’t give the reason for the decrease in its reserves.

Overall reserves held by the country, including net reserves of commercial banks, stood at $22.875 billion as of Feb 25, 2022, the SBP said. Net foreign reserves of banks amounted to $6.412 billion.

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