Pakistan’s total liquid foreign reserves reach $12.39 b

KARACHI: The total liquid foreign reserves of Pakistan reached US$ 12,392.8 million while the central bank held the reserves of $7,257 million, ARY News reported quoting SBP.

The State Bank of Pakistan, in a statement issued here on Thursday, informed that SBP’s reserves increased by $77 million to $7,257 million during the week ended on November 24, 2023.

Meanwhile, net foreign reserves held by commercial banks stood at $5,135.8 million, it added.

Total liquid foreign reserves held by the country, in the previous week ended on November 17, 2023, were $12.302 billion.

Read more: Saudi Arabia extends term for $3bn deposit to Pakistan

Among them, foreign reserves held by the central bank were $7.18 billion while net foreign reserves held by commercial banks were $5.122 billion.

Yesterday, the State Bank of Pakistan (SBP) announced that Saudi Arabia has extended its term for a $3 billion deposit in the central bank, shoring up the country’s foreign exchange reserves and strengthening domestic economy.

The extension of the term of the deposit is a continuation of the support provided by the kingdom to Pakistan, which will help to maintain the foreign currency reserves of Pakistan and contribute to the economic growth of the country, the statement added.

It is pertinent to mention here that the IMF executive board is likely to approve the staff-level agreement with Pakistan on December 07.

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