Forex reserves decline $552mln

KARACHI: Pakistan’s foreign exchange reserves declined by $552 million or 2.3 percent in the week ended January 14, the State Bank of Pakistan (SBP) said on Thursday.

The total liquid foreign reserves held by the country stood at $23.349 billion, compared with $23.901 billion in the previous week.

The reserves of the central bank decreased $562 million to $17.035 billion owing to external debt and other payments, it said in a statement. According to analysts, the SBP’s reserves are adequate to pay 2.75 months of imports.

The forex reserves of the commercial banks, however, increased $11 million or 0.2 percent to $6.314 billion.