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Thursday, June 13, 2024  
06 Dhul-Hijjah 1445  

SBP’s forex reserves fall to $7.39b

Total liquid foreign reserves of country stands at $12.53b
In this picture taken on January 11, 2022, a foreign currency dealer counts US dollar notes at a shop in Karachi. AFP
In this picture taken on January 11, 2022, a foreign currency dealer counts US dollar notes at a shop in Karachi. AFP

Pakistan’s central bank’s foreign exchange reserves fell to $7.39 billion during the week ended Nov 10, from $7.51 billion in the preceding week, the State Bank of Pakistan said on Thursday.

The total liquid foreign reserves of the country stood at $12.53 billion, the statement added.

When Pakistan received the first tranche of $1.2 billion from the International Monetary Fund under the $3 billion stand-by arrangement, the South Asian country got a major boost. As expected, the development had led to further inflows from other sources and countries.

But debt repayments and a rise in import payments have kept the reserves of the central bank under pressure.

On Wednesday, the IMF reached an agreement with Pakistan on the first review of the nine-month agreement. The staff-level agreement is subject to approval by the IMF Executive Board.

“Upon approval around US$700 million (SDR 528 million) will become available bringing total disbursements under the program to almost US$1.9 billion,” it added.

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