SBP's reserves drop $63m to $7.95bn

MG News | February 29, 2024 at 05:45 PM GMT+05:00

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February 29, 2024 (MLN): The foreign exchange reserves held by the State Bank of Pakistan (SBP) diminished by $63.2 million or 0.79% WoW to $7.95 billion during the week ended on February 23, 2024, according to the data released by the central bank on Thursday.

The central bank cited debt repayments as the reason for this decline.

Similarly, the country's total reserves declined by $59.3m or 0.45% WoW to $13.04bn.

On the other hand, the reserves held by commercial banks rose by $3.9m or 0.08% WoW to $5.09bn.

In the current fiscal year, total liquid foreign reserves have increased by $3.88bn or 42.34%.

Meanwhile, the current calendar year has seen an increase of $0.37bn or 2.88%.

**Summary of Holding and Weekly Change**
Foreign reserves held by	February 23, 2024	February 16, 2024	Change	% Change
State Bank of Pakistan	7949.6	8012.8	-63.20	-0.79%
Net Foreign Reserves Held by Banks	5088.9	5085	3.9	0.08%
Total Liquid Foreign Reserves	13038.5	13097.8	-59.3	-0.45%

Amount in USD Million

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