Foreign exchange: SBP reserves fall $170m to $2.91b
- By Web Desk -
- Feb 10, 2023
KARACHI: The foreign exchange reserves held by the State Bank of Pakistan (SBP) declined $170 million to $2.916 billion in a week, according to data released by the central bank Thursday.
In a statement, the State Bank of Pakistan (SBP) said the total liquid foreign reserves witnessed a reduction of $170 million after the external debt repayment. The overall reserves were reduced to $8.539 billion.
Meanwhile, the net foreign reserves held by commercial banks stood at $5.62 billion.
Total liquid foreign #reserves held by the country stood at US$ 8.54 billion as of February 03, 2023.
For details https://t.co/WpSgomnd3v pic.twitter.com/N0U4kelczs— SBP (@StateBank_Pak) February 9, 2023
In another development today, the International Monetary Fund (IMF) handed over the Memorandum of Economic and Financial Policies (MEFP) to Pakistan after the conclusion of talks, however, the staff-level agreement was not signed so far.
Pakistan and the IMF have concluded their talks after holding discussions on various sections. The finance secretary Hamid Yaqoob Sheikh confirmed that the IMF handed over the Memorandum of Economic and Financial Policies (MEFP) to Pakistan.
READ: FOREIGN EXCHANGE: SBP RESERVES FALL $584M TO $6.11BN
Sheikh said that Pakistan and IMF have not signed a staff-level agreement so far as some matters are due to be settled which will be finalised in Washington.
Hamid Yaqoob Sheikh said that both sides agreed on actions and prior steps. He added that the IMF mission sought more time to sign the staff-level agreement for the 9th review which will be signed after getting approval from the Washington headquarters.
The finance secretary said that the IMF mission is waiting for the approval of the declaration from Washington’s headquarters that will issue a statement after reviewing the recent talks.
He said that the IMF delegates will depart from Pakistan on Friday morning. It was also learnt that the mission made confirmation for the foreign financing after meeting the ambassadors.