SBP’s foreign exchange reserves decrease to $11.44bn

Karachi: The State Bank of Pakistan (SBP)’s foreign exchange reserves fell by $276 million to $11.448 billion in the week ending January 17.

According to a media report, despite the rollover of loan repayments by Saudi Arabia and the United Arab Emirates (UAE), the country is facing a difficult situation regarding debt repayments. The government’s economic team is struggling to get loan repayments from China rolled over.

In addition, the profits of multinational companies during the first six months of the current fiscal year increased by 114 percent to $1.215 billion, which was $568 million in the same period last year.

The country's total foreign exchange reserves fell by $261 million to $16.189 billion, including shares of commercial banks, which rose by $14 million to $4.7 billion over the past week.