KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) dropped by $88 million to $17.597 billion during the week ended on Jan 7.

The central bank reported on Thursday that the country’s total reserves were $23.9bn while the holdings of the commercial banks were $6.3bn by the end of the week.

SBP-held reserves have been in decline for some weeks, putting pressure on the currency market and thus weakening the exchange rate.

Published in Dawn, January 14th, 2022