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SBP’s Forex Reserves Fall to near-four-year Low

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The foreign exchange reserves held by the State Bank of Pakistan (SBP) plunged $784 million to a nearly four-year low of $6.72 billion during the week that ended on Dec 2, the central bank said on Thursday.
According to the central bank data, the SBP reserves were last recorded below this level during the week ended on Jan 18, 2019, when it had some $6.64bn.
Net foreign reserves held by commercial banks now stand at $5.867bn, meaning the country’s total liquid foreign reserves are now $12.58bn.
Strengthening the foreign exchange reserves remained the top agenda of the new government since it took charge in April. However, SBP’s reserves have since dropped by more than $4bn from around $10.9bn.

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