Pakistan's foreign exchange reserves plunge to lowest level since June this year

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

The reserves held by the central bank fell 4.07% on a weekly basis, according to data released by the central bank on Thursday.

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.

The data further saud net reserves held by banks in the country amounted to $6,519.7 million.