Forex reserves fall to $20.686bln

KARACHI: Foreign exchange reserves dropped 1.42 percent to $20.686 billion as on December 8 due to external debt payments, the central bank said on Thursday.

Foreign currency reserves held by the State Bank of Pakistan (SBP) fell to $14.666 billion from $14.883 billion.

Reserves of commercial banks fell to $6.020 billion from $6.084 billion a week ago. The SBP’s reserves increased $2 billion to $14.666 billion during the last week.

The reserves hit five-month high of $20.986 billion on December 5 following $2.5 billion proceeds from Eurobond and sukuk. “The change in reserves was due to proceeds from Pakistan International Bonds and payments on account of external debt servicing and other official outflows,” the SBP said.