The country''s total liquid foreign exchange reserves declined over $1 billion in a week due to external debt payment. According to State bank of Pakistan''s weekly foreign exchange reserves report issued Thursday, the country''s total liquid foreign exchange reserves stood at $20.516 billion as on June 2, 2017 compared to $21.77 billion on May 26, 2017, depicting a decline of $1.255 billion in a week.
Bankers said major external debt payments were due during last week and hence reserves declined sharply. Although reserves of the SBP and banks witnessed a downward trend however SBP''s reserves posted a major decline. During the week under review, the SBP''s reserves decreased by $1.215 billion to reach below $15 billion. The SBP''s reserves stood at $15.707 billion at the end of last week compared to $16.922 billion a week earlier.
During the week, the central bank made payments of $1.239 billion on account of external debt servicing, which included principal repayment of $750 million against Pakistan Sovereign Bond. Similarly, reserves held by banks declined by $39.4 million to $4.809 billion as on June 2, 2017 down from $4.848 billion on May 26, 2017.
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