Foreign exchange reserves continue to decline in Pakistan

KARACHI: The country’s foreign exchange reserves held by the State Bank of Pakistan (SBP) continued to decline on a weekly basis.

On July 7, the foreign currency reserves held by the SBP were recorded at $9,717.5 million, down $99 million compared with $9,816.3 on June 30, data released by the State Bank of Pakistan (SBP) on Thursday showed.

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Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $15,610.5 million. Net reserves held by banks amounted to $5,893 million.

However, with Pakistan reaching a staff-level agreement with the International Monetary Fund (IMF) foreign exchange reserves are expected to improve after the receipt of $1.17 billion from the global lender.