Forex reserves drop to $24.31bln

KARACHI: Pakistan’s foreign exchange reserves fell by $102 million during the week ended July 9, the central bank reported on Thursday.

The total liquid foreign reserves held by the country stood at $24.312 billion, compared with $24.414 billion in the previous week.

The State Bank of Pakistan’s reserves decreased by $26 million to $17.205 billion.

It is worth mentioning that the SBP on Wednesday said its reserves as of July 13 surged to $18.2 billion — the highest level since January 2017. The rise in the forex reserves was attributed to the inflows received from the recently issued Eurobonds. The reserves of commercial banks declined to $7.106 billion from $7.183 billion.