Forex reserves plummet

The country''s foreign exchange reserves fell sharply by $485 million during last week, mainly due to repayment of external debt. According to State Bank of Pakistan (SBP), the country''s forex reserves stood at $20.09 billion as on September 15, 2017 compared to $20.585 billion on September 8, 2017. During the week under review, the SBP''s reserves decreased by $474.8 million to $14.284 billion down from $14.758 billion a week earlier, mainly due to external debt servicing and other official payments. Reserves held by commercial banks fell from $5.827 billion to $5.816 billion, down by $10.7 million.