According to figures issued on Thursday, the State Bank of Pakistan’s (SBP) foreign reserves fell precipitously by $592 million to just $3.09 billion. This is the lowest level of central bank reserves since February 2014.

The nation’s total holdings of liquid foreign exchange were $8.74 billion. There were $5.65 billion in net foreign reserves held by commercial banks.

“During the week ended January 27, 2023, SBP’s reserves decreased by $592 million to $3,086.2 million due to external debt repayments,” the SBP said in a statement.

The SBP’s foreign exchange reserves decreased sharply last week, falling by a whopping $923 million to only $3.7 billion.

The central bank reserves, which were around $18 billion at the beginning of 2022 but have significantly decreased, highlight the pressing need for Pakistan to finish the next assessment of the International Monetary Fund (IMF) programme.