Foreign exchange reserves held by the State Bank of Pakistan (SBP) recorded no major change on a weekly basis, clocking in $7.6 billion as of October 14, 2022, according to data released on Thursday.

Net foreign reserves held by commercial banks amounted to $5.65 billion, taking the country's total reserves' position to $13.25 billion.

"During the week ended on 14-Oct-2022, SBP’s reserves recorded no major change, closing at US$ 7,597.2 million," said the SBP.

Alarming level: SBP-held foreign exchange reserves decline $303mn to $7.6bn

In September, SBP's reserves had increased as the central bank received the $1.2-billion tranche from the International Monetary Fund (IMF).

The Saudi Development Fund also rolled over a $3-billion deposit with the SBP, an amount that was due to mature in December 2022. However, this development was not meant to increase foreign exchange as the amount was already part of SBP's reserves.

The reserves’ position is critical for Pakistan which has been desperately seeking dollar inflows to meet its balance-of-payments needs.