KARACHI: The liquid foreign exchange reserves of the country plummeted by $551 million to $23.35 billion by the week ended January 14, 2022, the State Bank of Pakistan (SBP) said on Thursday.

The foreign exchange reserves of the country were at $23.901 billion by the week ended January 7, 2022.

The official reserves of the SBP recorded a decline of $562 million to $17.036 billion by the week ended January 14, 2022, as compared with $17.598 billion a week ago.

The central bank attributed the decline in foreign exchange reserves to the external debt and other payments.

The foreign exchange reserves held by the commercial banks slightly rose by $11 million to $6.314 billion by the week ended January 14, 2022, as compared with $6.303 billion a week ago.