Foreign exchange reserves rising weekly, external debt steady at $100bn: SBP governor

LAHORE (Dunya News) – State Bank of Pakistan Governor Jameel Ahmad has said the country’s foreign exchange reserves are increasing on a weekly basis, while external debt remains stable at around $100 billion.   Briefing the National Assembly’s standing committee, the central bank chief stated that despite external payments of $5 billion last month, reserves have shown improvement.   He added that Pakistan’s foreign exchange reserves are expected to exceed $17 billion during the current month.   Jameel Ahmad noted that reserves would likely reach the equivalent of three months of imports once funds are received from the International Monetary Fund.   He further informed the committee that the central bank had purchased $27 billion from the market over the past three years to strengthen reserves. Despite an increase in imports, the current account remained in surplus during the first nine months of the fiscal year.   The governor emphasised that Pakistan’s external debt has remained unchanged at approximately $100 billion, the same level recorded in June 2020.   The committee was also told that the IMF Executive Board is scheduled to meet soon, where approval of Pakistan’s next economic review is expected.