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Pakistan’s Foreign Exchange Reserves Fall by $38 Million

Pakistan’s foreign exchange reserves declined by $38 million in the week that ended on 10 September, according to data released by the State Bank of Pakistan on Thursday.

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The total liquid foreign reserves held by the country stood at $27,064.9 million on 10 September, which is $38 million lower than the reserves recorded at $27,103 million on 3 September.

Within this, the foreign reserves held by the State Bank of Pakistan (SBP) remained unchanged week-over-week at $20,022.7 million while the net foreign reserves held by the commercial banks fell to $7,042.2 million.

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The central bank’s reserves soared to a record high of $20.15 billion in August after the International Monetary Fund directed for Special Drawing Rights worth $2,751.8 million to the SBP.

However, the SBP’s reserves fell by $123 million to $20,022.6 million last week, which it attributed to a rise in external debt repayments.

Pakistan’s foreign exchange reserves have maintained a positive trend amid vulnerabilities in the current account and a sharp depreciation in the Pakistani Rupee.

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Pakistan’s foreign exchange reserves have maintained a positive trend amid vulnerabilities in the current account and a sharp depreciation in the Pakistani Rupee.

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