Pakistan’s total liquid foreign reserves reach $13.2b

KARACHI: The total liquid foreign reserves of Pakistan increased to US$ 13,256.6 million while reserves held by State Bank reached $ 8,154.8 million in the week ended on January 05, 2023, ARY News reported quoting SBP.

The State Bank of Pakistan, in a statement issued here on Thursday, informed that SBP’s reserves decreased by $ 66 million to $ 8,154.8 million due to debt repayments during the week under review.

Meanwhile, net foreign reserves held by commercial banks stood at $ 5,101.8 million, it added.

Total liquid foreign reserves held by the country, in the previous week ended on December 29, 2023, were $ 13,220.6 million. Among them, foreign reserves held by the central bank were $ 8,221.2 million while net foreign reserves held by commercial banks were $ 4,999.4 million.

It is pertinent to mention here that the Executive Board of the International Monetary Fund (IMF) completed the first review of Pakistan’s economic reform programme supported by its Stand-By Arrangement (SBA).

“The Board’s approval allows for an immediate disbursement of SDR 528 million (around US$ 700 million), bringing the total disbursements under the SBA to US$ 1.9 billion,” a Finance Ministry news release said.

The IMF’s nod follows the staff-level agreement reached between the Fund and Pakistan on November 15, 2023, emphasizing the nation’s commitment to implementing key reforms.