Pakistan’s total liquid foreign exchange reserves experienced a decrease of $99.8 million during the week ending May 31, as reported by The Asian Mirror, citing the State Bank of Pakistan (SBP).
According to the central bank, the nation’s foreign exchange reserves were recorded at $14.21 billion as of May 31.
This figure includes an increase of $15.8 million in the reserves held by the SBP, bringing their total to $9.1 billion.
Conversely, the reserves held by commercial banks saw a reduction of $115 million, bringing their total down to $5.1 billion.
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Moreover, the statement highlighted a significant monthly increase, noting that Pakistan’s foreign exchange reserves rose by $46.5 billion in May 2024.
In earlier reports, it was noted that the SBP’s foreign exchange reserves stood at $9.093 billion after a decrease of $63 million due to external debt repayments during the week ending May 24.
Foreign exchange reserves held by the State Bank of #Pakistan (SBP) increased by $16 million on a weekly basis, clocking in at $9.1 billion.
Total liquid foreign reserves held by the country stood at $14.2 billion. Net foreign reserves held by commercial banks stood at $5.1… pic.twitter.com/khSnNo1I6F
— PEconomist (@peconomist_) June 6, 2024
A spokesperson from the central bank confirmed that, as of May 24, the country’s total liquid foreign reserves were $14.31 billion, with $5.22 billion held by commercial banks as net foreign reserves.
The SBP’s statement attributed the decrease in reserves during the week ending May 24 to external debt repayments, underscoring the financial pressures facing the country.
