Decrea­se comes on accoun­t of extern­al debt servic­ingKARACHI: The foreign exchange reserves held by the central bank fell below the $8-billion mark as they contracted 1.85% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. However, financial assistance from the United Arab Emirates (UAE) and Saudi Arabia helped shore up the foreign exchange reserves. On May 31, the foreign currency reserves held by the SBP were recorded at $7,862.4 million, down $148 million compared with $8,010.2 million in the previous week. Overall, liquid foreign currency reserves, held by the country, including net reserves held by banks other than the SBP, stood at $14,889.9 million. In January last year, the SBP made a $500-million loan repayment to the State Administration of Foreign Exchange (SAFE), China.

Source: The Express Tribune June 10, 2019 17:02 UTC