KARACHI: Foreign exchange reserves of the State Bank of Pakistan (SBP) decreased $956 million to $7.95 billion due to external debt servicing during the week ending on Nov 4, a central bank statement said on Thursday.

Major external debt repayments executed during the week include the repayment of the government’s commercial loans. Refinancing of these loans is in process, which will improve foreign exchange reserves in coming weeks, the central bank said.

The total liquid foreign reserves held by the country stood at $13.72bn. Net foreign reserves held by commercial banks amounted to $5.76bn.

Published in Dawn, November 11th, 2022