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KARACHI: The State Bank of Pakistan’s (SBP) foreign exchange reserves dipped by $470 million to $10.849 billion during the week that ended on April 8, data released by the central bank showed on Thursday.

The total liquid foreign reserves held by the country, including net reserves of commercial banks, stood at $17.028 billion as of April 8.Net foreign reserves of banks were recorded at $6.178 billion.

The SBP said said its reserved decreased due to external debt repayments.

Earlier today, workers’ remittances soared to a record level during March 2022. “With $2.8 billion of inflows during March 2022, workers’ remittances continued their unprecedented run of remaining above $2 billion since June 2020. This is the highest ever monthly level for workers’ remittances,” the SBP said in a statement.

In terms of growth, during March 2022, remittances increased by 28.3 per cent on month-on-month basis and 3.2 per cent on year-on-year basis. Cumulatively at $ 23.0 billion, remittances grew by 7.1 percent during 9 months of FY22 compared with last year.