State Bank forex reserves tick up $3m to $7.96bn

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Monetary Policy Committee

Liquid foreign reserves stand at $13.8 billion

State Bank of Pakistan’s (SBP) foreign exchange reserves edged up by $3 million to $7.96 billion as of November 11, 2022, data released by the central bank on Thursday revealed.

Pakistan’s total liquid foreign reserves stand at $13.8 billion, while net foreign reserves with commercial banks clocked in at $5.84 billion.

“During the week ended on November 11, SBP’s reserves increased by $3 million to $7,959.5 million,” said SBP in a statement,

The central bank’s reserves registered a reduction of $956 million due to debt payments, which fell to $7.96 billion as of November 4, 2022.

Last week, Finance Minister Ishaq Dar announced the Asian Infrastructure Investment Bank (AIIB) would extend $500 million as co-financing for a development programme in Pakistan.

“These funds will be received by the SBP within November 2022,” Dar tweeted, as the cash-strapped nation desperately seeks financing to cushion the impact of floods.

These funds would help boost forex reserves held by the central bank.

 

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