Foreign exchange reserves of the State Bank of Pakistan (SBP) plunged to lowest level since 2019 by almost $748 million during the week ended on June 17.

Sharing a break-up of the foreign reserves position, the central bank said that the reserves held by the State Bank of Pakistan stand at $8,237.7 million.

According to details shared by the central bank, the overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $14,210.4 million. Net reserves held by banks amounted to $5,972.7 million.

The state bank said the decrease came mainly due to external debt repayments. However, it added that “SBP reserves are expected to increase in coming days on realisation of proceeds of CDB (China Development Bank) loan.”