Pakistan's Foreign Reserves Decrease by $239 Million

Pakistan's Foreign Reserves Decrease by $239 Million

Islamabad: The State Bank of Pakistan (SBP) has reported a $239 million decrease in the country's liquid foreign reserves, bringing the total to $14,207.3 million as of June 21, 2024.

The decline is attributed to external debt repayments, according to data released on Thursday.

As per the SBP, the central bank's liquid foreign reserves amounted to $8,895.8 million, while commercial banks held net foreign reserves of $5,311.5 million during the same period.

The $239 million decrease in SBP reserves, from $9,134.7 million on June 14, 2024, to $8,895.8 million on June 21, 2024, underscores the ongoing financial challenges Pakistan faces.

In the previous week, total liquid foreign reserves stood at $14,414.6 million, with the central bank holding $9,134.7 million and commercial banks holding $5,279.9 million.

This decline in foreign reserves highlights the impact of debt servicing on the country's financial stability. The SBP emphasized the critical need to manage external obligations effectively to maintain economic equilibrium.