The State Bank of Pakistan (SBP) reported a significant decline in its foreign exchange reserves, with a drop of $228 million recorded on a weekly basis. According to data released by the central bank on Thursday, the reserves held by the SBP stood at $11.854 billion as of December 20, compared to $12.082 billion on December 13.

The country’s overall liquid foreign currency reserves, which include net reserves held by banks other than the SBP, also saw a decline. Total reserves were recorded at $16.372 billion, reflecting a decrease of $261 million from the previous week.

Meanwhile, the net reserves held by commercial banks fell slightly, standing at $4.518 billion as of December 20, down $34 million from $4.550 billion the week before.