Pakistan’s foreign exchange reserves drop to $12.65 b

KARACHI: The total liquid foreign reserves of Pakistan reached US$ 12.6560 billion while reserves held by the central bank stood at $7.49 billion, ARY News reported quoting SBP.

The State Bank of Pakistan, in a statement issued here on Thursday, informed that SBP’s reserves decreased by $ 220 million to $7.49 billion.

The total liquid foreign reserves of Pakistan dropped by $ 257 million to US$ 12.6560 Whereas, net foreign reserves held by commercial banks stood at $ 5.16 billion after a decrease of $37 million.

Read more: Gas tariff likely to be increased by 100pc on IMF demand

Earlier, the International Monetary Fund (IMF) asked Pakistan to ‘immediately raise’ gas tariffs.

The IMF is seeking 100pc ‘rise’ in the gas tariff to minimize the losses and circular debt in Pakistan’s gas sector.

The international lender showing concerns about not increasing the gas tariff from July 1 during a virtual meeting with the Pakistan finance ministry officials, demanded the caretaker government of Pakistan to immediately approve the hike in gas tariff, the source claimed.

They further said IMF asked the Pakistan finance ministry that denying the increase in gas tariff is a ‘violation’ of the Standby Agreement.