Pakistan's forex reserves plummet $63mn to $9.09bn

Karachi: Foreign exchange reserves held by the State Bank of Pakistan (SBP) Thursday plunged by $63 million on a weekly basis, clocking in at $9.09 billion as of May 24.

Official data released by the central bank showed that total liquid foreign reserves held by the country stood at $14.31bn, while net foreign reserves held by commercial banks stood at $5.22bn.

The central bank cited external debt repayments as the reason for the decrease in the foreign currency reserves.

“During the week ended on 24-May-2024, SBP reserves decreased by US$ 63 million to US$ 9,093.7 million due to external debt repayments,” it said.