Forex reserves fall to $18.079bln

KARACHI: Pakistan’s foreign exchange reserves dropped to $18.079 billion on March 16 from $18.240 billion a week ago, the central bank said on Thursday.

The foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by $182 million. The SBP’s forex reserves stood at $11.944 billion as compared to $12.126 billion in the previous week.

The decline in foreign exchange reserves was due to payments on account of external debt servicing. However, the forex reserves held by commercial banks increase to $6.135 billion against $6.114 billion in the preceding week.