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SBP reserves fall by $690m

SBP reserves fall by $690m

KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by $690 million to $11.9 billion during the week ended on March 20.

According to the central bank’s report, commercial banks’ holdings increased by $56 million and were calculated at 6.11 billion.

Whereas the country’s net foreign reserves were calculated to be $18.10 billion.

Earlier on March 19, the State Bank of Pakistan (SBP) had reported a drop of $110 million in its foreign exchange reserves during the week ending on March 13.

According to the central bank, the SBP’s net reserves dropped by $110 million to $12.67 billion.

It had said commercial banks’ holdings also recorded a decrease of $50 million and were calculated at $12.67 billion.