Pakistan’s total foreign reserves reach $13.53 billion

KARACHI: The total liquid foreign reserves of Pakistan stood at US$13,534.1 million while reserves held by the central bank reached $8,186.1 million, ARY News reported.

The State Bank of Pakistan, in a statement issued here on Thursday, informed that SBP’s reserves decreased by US$ 541 million to US$ 8,186.1 million mainly due to external debt repayments during the week ending on July 21, 2023.

Meanwhile, net foreign reserves held by commercial banks stood at US$ 5,348 million, it added.

In the previous week ending on July 14, 2023, total liquid foreign reserves held by the country was US$14,065.3 million.

Among them, foreign reserves held by the central bank were US$8,727.2 million while net foreign reserves held by commercial banks were US$5,338.1 million.

Yesterday, it was reported that the State Bank of Pakistan (SBP) will announce the first monetary policy rate of the fiscal year 2023-24 on July 31.

According to a statement issued, the central bank announced convening a meeting of the Monetary Policy Committee (MPC) on July 31 that would review the overall financial position of the country, economic indicators as well as performance of different internal and external sectors and decide about the Monetary Policy. SBP Governor Jameel Ahmed will announce the monetary policy.