Reserves of State Bank of Pakistan decreases by massive USD 2.915 billion

Islamabad [Pakistan], April 1 : Amid Pakistan's continuing economic woes, reserves held by the State Bank of Pakistan (SBP) decreased by a massive USD 2.915 billion, revealed the data released by the central bank on Thursday.
Following the decline of the SBP reserves, the total reached USD 12.05 billion. "This decline reflects repayment of external debt, including repayment of a major syndicated loan facility from China," said the SBP adding, "The rollover of this syndicated facility is being processed, and is expected shortly," reported Business Recorder.
Pakistan's Foreign exchange reserves have been under severe strain since December last year. Amid the deepening economic crisis and the lack of foreign currency reserves, the country continues to remain under the burden of loans, remittances, higher exports and foreign direct investment.
Policymakers in Pakistan are concerned with the deteriorating condition of the economy while the country looks to revive its foreign currency reserves. The Pakistani Rupee has received a hard hit and touched a record low against the US dollar on Thursday.
As far as the total liquid foreign exchange reserves are concerned, it stood at USD 18.55 billion. Net foreign reserves held by commercial banks stood at USD 6.5 billion, as per Business Recorder.