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Pakistan’s Foreign Exchange Reserves Fall by $252 Million

Pakistan’s foreign exchange reserves declined by $252 million in the week that ended on 24 September, according to data released by the State Bank of Pakistan on Thursday.

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The country’s total liquid foreign reserves stood at $26,150.8 million on 24 September, down from the reserves recorded at $26,402.6 million on 17 September.

Within this, the foreign reserves held by the State Bank of Pakistan (SBP) fell week-over-week to $19,294.5 million on 24 September, down from $19,543.4.

Meanwhile, the net foreign reserves held by the commercial banks fell to $6,856.3 million, as compared to $6,859.2 million in the prior week.

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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 Special Drawing Rights worth $2,751.8 million to the SBP.

However, the SBP’s reserves began to decline steadily since August, which it attributed to the fulfillment of debt repayments.

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Meanwhile, the local currency is depreciating sharply and crashed to a record low against the US Dollar at 170.66 on Thursday.

Pakistan’s current account deficit widened to $1.50 billion year-over-year in August as imports surged by 86 percent.

Additionally, the SBP raised its policy rate by 25 basis points to 7.25 percent earlier in September.

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