Foreign exchange reserves decline 2.03pc per week

KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) continued to decline for the third consecutive week, falling 2.03% on a weekly basis, according to data released by the central bank on Thursday.

On July 28, the foreign currency reserves held by the central bank were recorded at $14,698.2 million, down $304.9 million or 2.03%, compared to $15,003.1 million in the previous week, according to the central bank.

No reason was given by the SBP for the decline.

Total liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $20,283.1 million. Net reserves held by banks amounted to $5,584.9 million.

A month ago, foreign reserves increased due to official inflows including $622 million from the Asian Development Bank (ADB) and $106 million from the World Bank.

Earlier, the SBP received $350 million under the Coalition Support Fund (CSF) and made payments of $62 million for external debt servicing.

In January, the SBP made a $500-million loan repayment to the State Administration of Foreign Exchange (SAFE), China.