Pakistan’s forex reserves fall $1.642 billion to $24.327 billion

KARACHI: Pakistan’s liquid foreign exchange reserves fell massively by $1.642 billion by the week ended October 15, 2021, compared with the previous week, the central bank reported.

The country’s foreign exchange reserves fell to $24.327 billion by the week ended October 15, 2021, compared with $25.969 billion a week ago.

The official foreign exchange reserves of the State Bank of Pakistan (SBP) recorded a decline of $1.646 billion to $17.492 billion by the week ended October 15, 2021, compared with $19.138 billion by the week ended October 8, 2021.

The central bank attributed the decline in the foreign exchange reserves to external debt repayments, which included repayment of $1 billion against Pakistan International Sukuk.

The foreign exchange reserves held by commercial banks registered an increase of $4 million to $6.835 billion, compared with $6.831 billion a week ago.