Foreign reserves decline by $110m to $13.33bn

KARACHI: Foreign exchange reserves have declined as shortage of more than 110 million dollars happened in government reserves on a weekly basis.

The reserves decreased by more than 10 billion dollars to the level of 8.04 billion dollars.

The total foreign exchange reserves are at the level of 13.33 billion dollars. Net foreign reserves held by commercial banks stood at $5.29 billion and reserves decreased due to External payments.

“During the week ended August 4, 2023, SBP’s reserves decreased by US$ 110 million to US$ 8,043.4 million on account of debt repayments,” the SBP said.

Last week, foreign exchange reserves held by the SBP witnessed a fall of $32 million due to external debt repayments.

Last month, reserves held by the SBP got a boost as Pakistan received the first tranche of about $1.2 billion from the

IMF after its lender approved a new $3-billion Stand-By Arrangement.

There will be two more quarterly reviews, one in November and the last in February 2024.