Pakistan's foreign reserves rise $17m to $7.91bn

KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $17 million on a weekly basis, reaching a total of $7.91 billion as of March 8, ARY News reported quoting SBP.

According to the data released by the SBP, total liquid foreign reserves held by the country stood at $13.15 billion. Net foreign reserves held by commercial banks stood at $5.24 billion.

The central bank did not specify a reason for the increase in the reserves.

“During the week ended on 08-Mar-2024, SBP’s reserves increased by US$ 17 million to US$ 7,912.9 million,” it said.

Last week, Pakistan’s central bank reserves had decreased by $54 million.

Meanwhile, the International Monetary Fund (IMF) has demanded ‘do more’ from Pakistan during the first round of talks for the second review of SBA programme.

In a first meeting with the Finance Ministry officials, the IMF showed concerns over the supply of gas to fertilizer producers at subsidised rates, the sources said.

The international lender demanded to end the provision of gas to the fertilizer producers at a subsidised rate. The delegation also expressed their concerns over increasing prices of commodities in Pakistan despite stability at the international level.

During the meeting, the IMF delegation was also briefed on circular debts in the energy sector, tariff outlook, cost side reforms, tax administration, tax policy, BISP outlook, and its development by the concerned officials, the sources said.

The IMF delegation also asked Pakistan authorities to tax real estate, manufacturing and retailer sectors.