SBP foreign exchange reserves drop to lowest level since June 2021

• Foreign exchange reserves held by the central bank fell 4.07% to $16,254.1 million on a weekly basis.
• Meanwhile, overall reserves dropped to its seven-month low.
• Net reserves held by banks amounted to $6,519.7 million.

KARACHI: The State Bank of Pakistan’s (SBP) foreign exchange reserves fell 4.1% to their lowest level since June 25, 2021.

The foreign exchange reserves held by the central bank fell 4.07% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.

According to data released by the central bank, the reserves were recorded at $16,254.1 million on November 19, down $691 million compared with $16,945.4 million on November 12 due to “external debt repayments.”

The overall reserves, including reserves held by banks other than the SBP, dropped to its seven-month low. Total reserves stood at $22,773.8 million, recording a decline of $777 million — lowest since April 30, 2021.

Meanwhile, net reserves held by banks amounted to $6,519.7 million.