In the latest update from the State Bank of Pakistan (SBP), it was reported that the country’s foreign exchange reserves took a hit, declining by $397 million to $9.02 billion as of July 19. This data, released on Thursday, is a crucial source for understanding the country’s financial status. The total liquid foreign reserves were reported to amount to $14.33 billion, with commercial banks in Pakistan holding net foreign reserves of $5.31 billion.
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The central bank attributed the decrease in SBP reserves to external debt repayments, stating, “During the week ended on July 19, 2024, SBP reserves decreased by US$ 397 million to US$ 9,027.2 million due to external debt repayments.” This news comes after a marginal increase of $19 million in SBP foreign exchange reserves reported last week. This fluctuation in foreign exchange reserves is significant as it reflects the country’s ability to meet its international financial obligations and maintain stability in its currency value.
