Pakistan’s total liquid foreign reserves reach $12.8b

KARACHI: The total liquid foreign reserves of Pakistan increased to US$ 12,855.7 million while the reserves held by the central bank reached at $ 7,757.1 million in the week ended on December 22, 2023, ARY News reported quoting SBP.

The State Bank of Pakistan, in a statement issued here on Thursday, informed that SBP’s reserves increased by $ 852 million to $ 7,757.1 million mainly due to receipt of official Government of Pakistan inflows during the week under review.

Meanwhile, net foreign reserves held by commercial banks stood at $ 5,098.6 million, it added.

Total liquid foreign reserves held by the country, in the previous week ended on December 15, 2023, were $ 12,068.4 million.

Among them foreign reserves held by the central bank were $ 6,904.8 million while net foreign reserves held by commercial banks were $ 5,163.6 million.

On the other hand, Pakistan’s auto industry continued to face challenges in 2023, with car sales dropping by up to 55%. Additionally, production in factories manufacturing car parts was also slashed by 70 percent.

Due to the crisis of exchange rates, car production was severely affected by a decline in income until last year. The reduced car sales not only impacted the national treasury but also led to a noticeable decrease in revenue from products.

It is important to note that following a decrease in the value of US dollar against the Pakistani rupee, automobile companies slashed the prices of the units in the ending months of 2023.