Forex reserves drop to $23.4bln

KARACHI: Pakistan’s foreign exchange reserves dropped $120 million to $23.492 billion during the week ended October 7, the central bank said on Thursday.

The country’s total liquid foreign exchange reserves stood at $23.612 billion in the previous week.

The foreign exchange reserves held by the State Bank of Pakistan (SBP) saw a decrease of $81 million to stand at $18.410 billion from $18.491 billion a week ago.

The SBP made payments of $76 million on account of external debt servicing.

The forex reserves of commercial banks fell to $5.081 billion against $5.121 billion in the preceding week.