Forex reserves slide to $16.195bln

KARACHI: Pakistan’s foreign exchange reserves dropped to $16.195 billion during the week ended April 12, compared with $17.228 billion in the previous week, the central bank data said on Thursday.

Foreign currency reserves held by the State Bank of Pakistan (SBP) fell $1.028 billion to $9.243 billion due to payments on account of external debt servicing, including principal repayment of $1 billion against Pakistan Sovereign Bond. The reserves of commercial banks stood at $6.952 billion, compared with $6.956 billion in the preceding week, it said.