Pakistan’s foreign exchange reserves stand at US$ 16.18bn

KARACHI: Pakistan’s total foreign exchange reserves were recorded at US$16.18 billion during the week ended on January 17, ARY News reported citing the State Bank of Pakistan (SBP).

Pakistan’s reserves held by the SBP decreased by US$ 276 million to US$ 11.44 billion during that time, the central bank said in a statement.

During the same period, Pakistan’s net foreign reserves held by commercial banks stood at US$4.74 billion.

“During the week ended on 17-Jan-2025, SBP reserves decreased by US$ 276 million to US$ 11,448.7 million due to external debt repayments,” the SBP added.

Earlier, State Bank of Pakistan Governor Jameel Ahmed said that Pakistan’s foreign exchange reserves are the lowest among regional countries when compared to their import bills.

Governor Jameel Ahmed made these remarks before the Senate Standing Committee on Finance, stating that inflation is expected to rise further in the last quarter of the current fiscal year and the first quarter of the next one. He also highlighted that Pakistan must meet $4.5 billion in external debt payments by July 2025.

Ahmed confirmed that a UAE safe deposit will be cleared on schedule this month. He added that for the first time in 20 years, the current account showed a surplus as of November in the ongoing fiscal year.