SBP reserves drop by $397 million

The State Bank of Pakistan (SBP) announced a significant reduction of $397 million in its foreign reserves.

Previously standing at $9.42 billion, the reserves have now decreased to $9.03 billion.

On Thursday, the SBP reported that its liquid foreign reserves declined to $9,027.2 million as of July 19, 2024, due to external debt repayments.

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In addition, during the same period, net foreign reserves held by commercial banks were noted at $5,308.2 million.

The total liquid foreign reserves for the country, as of July 12, 2024, were $14,703.5 million. Of this, the central bank held $9,423.7 million, while commercial banks held $5,279.8 million.