SBP Reserves Decline to $11.7 Billion After Two Consecutive Drops

The State Bank of Pakistan (SBP) reported a decline of over $143 million in its foreign exchange reserves weekly, according to data released by the central bank on Thursday. This decrease is attributed to external debt repayments.

Recent data issued by the SBP indicate that as of December 27^th, 2024, the foreign currency reserves held by the SBP stood at $11.711 billion, reflecting a decrease of $143 million from the $11.854 billion recorded on December 20^th, 2024. The central bank issued a brief statement indicating that the drop in reserves was attributed to repayments of external debt.

The total liquid foreign currency reserves in the nation, which encompass net reserves held by banks aside from the SBP, reached $16.409 billion, reflecting an increase of 37 million compared to the prior week.

The net reserves held by banks were recorded at $4.698 billion, up $179 million from $4.518 billion last week.  Last week, the central bank’s reserves experienced a decline of $228 million, dipping below the significant threshold of $12 billion.

The SBP’s reserves have now seen a decline for the second week in a row, with a reported decrease of $228 million in the prior week. The central bank has reported that the recent changes in reserves are mainly attributed to repayments of external debt.