Forex reserves fall to $17.64 billion

KARACHI: Pakistan’s foreign exchange reserves fell to $17.64 billion in the week ending September 17 from $17.79 billion the previous week, the central bank said on Thursday.

Reserves held by the State Bank of Pakistan (SBP) declined to $14.12 billion from $14.34 billion, while those held by commercial banks rose to $3.52 billion from $3.45 billion, according to the State Bank of Pakistan. “The decline in reserves is due to scheduled debt repayments,” said Syed Wasimuddin, chief spokesman for the central bank.

Foreign exchange reserves hit a record $18.31 billion in the week ending July 30 but have eased due to debt repayments.

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