KARACHI – State Bank of Pakistan’s (SBP) liquid foreign exchange reserves have reached US$ 8,186.1 million after decreasing by US$ 541 million during the week ended on Jul7 21, 2023.
SBP’s reserves have dropped mainly due to external debt repayments.
As per the data shared by the SBP on Thursday, net foreign reserves held by commercial banks were 5,348 million.
The total liquid foreign reserves held by Pakistan stood at US$ 13,534.1 million as of July 21, 2023.
Last week, Pakistan’s foreign exchange reserves improved following releases from International Monetary Fund (IMF) and friendly nations.
SBP’s reserves moved up by $60 million in one week to $4.52 billion, while the total liquid foreign reserves stood at $9.83 billion, including $5.31 billion in net foreign reserves with commercial banks.
The foreign reserves improved following $2 billion deposit by Saudi Arabia and another $1billion received from the UAE.
Earlier, Pakistan’s foreign exchange reserves plunged below $3 billion on account of external debt payments while the government implemented new tax measures and reach an agreement with US-based lender.
Amid positive developments on the economic front, Finance Minister Ishaq Dar said the government is eyeing forex reserves to climb $15 billion, as the country’s finance czar pins hopes on funding under the Geneva Donor Conference.
