Pakistan’s total liquid foreign reserves reach $12.3 b

KARACHI: The total liquid foreign reserves of Pakistan reached US$ 12,302.3 million while the central bank held the reserves of $ 7,180 million, ARY News reported.

The State Bank of Pakistan, in a statement issued here on Thursday, informed that SBP’s reserves decreased by $ 217 million to $ 7,180 million due to debt repayments during the week ending on November 17, 2023.

Meanwhile, net foreign reserves held by commercial banks stood at $ 5,122.3 million, it added.

Total liquid foreign reserves held by the country, in the previous week ending on November 10, 2023, were $ 12,535.5 million.

Related: IMF board likely to approve staff-level agreement with Pakistan on Dec 7

Among them, foreign reserves held by the central bank were $ 7,396.7 million while net foreign reserves held by commercial banks were $ 5,138.8 million.

Earlier sources reported that the International Monetary Fund (IMF) executive board likely to approve the staff-level agreement with Pakistan on December 7.

According to sources, the IMF executive board meeting will likely be held on December 7 and is expected to consider Pakistan’s case in the meeting.

Sources said that after the approval from IMF’s Executive Board around US$700 million will be available to Pakistan, bringing total disbursements under the program to almost US$1.9 billion.

Pakistan is also likely to receive $ 1 billion from gulf countries and $ 1.2 billion from Exim Bank whereas China has assured debt rollover for further two years.