SBP reserves decline by US$119 million after external debt repayments

The State Bank of Pakistan (SBP) on Thursday announced a decline in foreign reserves of the country by United States Dollar (USD) 119 million owing to external debt repayments by the government during the week ending on 18th of September.

According to a release issued by the central bank, the total liquid foreign reserves held by the country stood at US$ 19,903.7 million on 18-September-2020.

Giving a break-up of the foreign reserves position, the state bank holds reserves of US$ 12,701.6 million as compared to US$7,202.1 million reserves held by commercial banks.

Earlier on September 17, the State Bank of Pakistan’s (SBP) net reserves increased by $13 million to $12.82 billion during the week ending on 11th of September.

Detailing the position of the reserves, the SBP, in a statement said that the overall foreign reserves of the country stood at $19.95 billion.

Giving its breakup, it said that the SBP currently held the foreign reserves of up to $12.82 billion and $7.13 billion reserves held by the commercial banks.