Pakistan’s foreign reserves reach $9.5 billion

KARACHI: The total liquid foreign reserves of Pakistan stood at US$ 9,513 million as of May 26 while reserves held by the central bank reached US$4,090.7 million, according to data released by the State Bank of Pakistan (SBP) on Thursday.

The State Bank of Pakistan, in a statement issued here on Thursday, informed that foreign reserves of the central bank decreased by US$102 million to US$4,090.7 million due to external debt repayment in the week ending on May 26, 2023.

Meanwhile, net foreign reserves held by commercial banks stood at US$5,422.3 million, it added.

In the previous week ending on May 19, 2023, total liquid foreign reserves held by the country was US$ 9,731.1 million.

Among them, foreign reserves held by the central bank were US$4,193 million while net foreign reserves held by
commercial banks were US$5,538.1 million.

Earlier, the foreign exchange reserves, held by the State Bank of Pakistan (SBP), dropped for the fourth consecutive week to below $4.2 billion.

According to a statement issued by the central bank, the SBP’s foreign currency reserves stood at $4,193 million, down by $119 million as compared to $4,311.9 million on May 12.

Pakistan’s economy is in turmoil amid financial woes and the delay in an agreement with the International Monetary Fund (IMF) that would release much-needed funding crucial to avoid the risk of default.