Forex exchange reserves fall to $16.19 billion on sovereign bond repayment

KARACHI: The foreign exchange reserves of the country fell by $1.03 billion during a week owing to huge repayment made against Pakistan Sovereign Bond.

The total foreign exchange reserves of the country fell to $16.196 billon by week ended April 12, 2019 as against the reserves level of $17.228 billion a week ago, State Bank of Pakistan (SBP) said on Thursday.

The central bank said that during the week ending April 12, 2019, SBP’s reserves decreased by US$1,028 million to US$9,243.7 million.

The official reserves of the central bank were decreased due to payments on account of external debt servicing, including principal repayment of US$1,000 million against Pakistan Sovereign Bond.

The reserves held by commercial banks were flat at $6.952 billion from previous week’s level of $6.956 billion.

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