Pakistan’s foreign reserves drop to $16.3 billion

ISLAMABAD: The total liquid foreign reserves held by the country stood at US$ 16,371.5 million as of December 20, 2024, ARY News reported quoting SBP.

According to State Bank of Pakistan (SBP) report, foreign reserves held by the State Bank of Pakistan stood at US$ 11,853.5 million whereas net foreign reserves held by commercial banks were recorded at US$ 4,518.0 million.

During the week ended on December 20, 2024, SBP reserves decreased by US$ 228 million to US$ 11,853.5 million due to external debt repayments.

Last week, the State Bank of Pakistan (SBP) witnessed a surge in the foreign exchange reserves with a reported increase of $31 million.

The State Bank of Pakistan in a statement said that “the total foreign reserves of Pakistan surged to US$16.632 billion, while the SBP reserves crossed $12.081 billion as of December 13, 2024.”

According to the central bank, the total liquid foreign exchange reserves held by commercial banks climbed to US $4.551 billion.

Also read: Tax-to-GDP ratio to reach 13pc in three years, vows Aurangzeb

Earlier today, Finance Minister Muhammad Aurangzeb  vowed to take Tax-to-GDP ratio to 13 per cent in three years in Pakistan.

Muhammad Aurangzeb said taxation reforms have a key role in fiscal stability. He said the country has been languishing between 9-10 per cent in terms of tax to GDP ratio but we have set a target of 13.5 per cent for next three years to improve this standing.

The finance minister said digitalization of FBR is aimed at enhancing transparency. He said that approval of design phase of digitalization was given by Prime Minister Shehbaz Sharif in September this year and now we are in execution phase of this process.