Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by a substantial $220 million on a weekly basis, clocking in at $7.5 billion as of October 20, data released on Thursday showed.

Total liquid foreign reserves held by the country stood at $12.6 billion. Net foreign reserves held by the commercial banks stood at $5.1 billion.

The central bank cited debt repayments as the reason for decrease in the reserves.

“During the week ended on October 20, 2023, SBP’s reserves decreased by $220 million to $7,494.2 million on account of debt repayments,” it said.

Last week, Pakistan’s central bank reserves had increased by $67 million.

In July this year, reserves held by the central bank got a boost as Pakistan received the first tranche of around $1.2 billion from the International Monetary Fund (IMF) after its lender approved a new $3-billion Stand-By Arrangement. It also got inflows from Saudi Arabia and the UAE.

However, the central bank reserves have been under pressure due to debt repayments, rise in import payments after ease in restrictions, and lack of fresh inflows.