KARACHI: Consistent with the recent pattern, the State Bank of Pakistan’s (SBP) foreign exchange reserves decreased once more by 1.32%, dropping below the psychological threshold of?$8 billion.According to data issued by the SBP on Thursday, as of September 30, the foreign exchange reserves held by the SBP were $7,899.8 million, a decrease of $106 million from $8,005.9 on September 23.
In all, the nation maintained $13,588.8 million in liquid foreign currency reserves, including net reserves held by banks other than the SBP.The total amount of net reserves held by banks was $5,689 million. The drop was attributed in large part to the repayment of external debt, particularly interest on Eurobonds, by the central bank.Pakistan now has less than 1.5 months’ worth of import coverage in its foreign exchange reserves.The Pakistani rupee has been under intense pressure due to a critical level of reserves, making it the worst-performing currency last month.
