Forex reserves down by $176 million

Pakistan's total liquid foreign reserves fell by $176 million during the last week mainly due to debt servicing. According to weekly forex reserve report issued by the State Bank of Pakistan on Thursday, the country's total foreign liquid reserves stood at $13.268 billion as on November 7, 2014 compared to $13.444 billion as on October 31, 2014.
Although, reserves held by the SBP and banks have posted a declining trend during the period under the review, however major declined has witnessed in the SBP reserves. During the week ending on November 7, 2014, the SBP's liquid forex reserves decreased by $131 million to $8.487 billion compared to $8.618 billion in the previous week. During the week, the SBP made payments of $89 million on account of external debt servicing and other official payments. While, there were no significant foreign inflows during the week. Similarly, foreign reserves held by banks posted a $45 million decline to reach $4.78 billion as on November 7, 2014 compared to $4.825 billion a week earlier.