Forex reserves fall to four-month low

KARACHI: Pakistan’s foreign exchange reserves fell to a four-month low during the week ended September 14, the central bank said on Monday, mainly on the back of external debt repayments.

The foreign exchange reserves dropped $279 million, or 1.73 percent, to $15.790 billion, the lowest since May 2018. The forex reserves stood at $15.913 billion in May. Forex reserves held by the State Bank of Pakistan decreased $295 million to $9.329 billion due to external debt servicing and other official payments, the SBP said. The forex reserves held by commercial banks rose to $6.461 billion from $6.445 billion in the previous week.