SBP foreign reserves climb $258 million to reach $4.6 billion
Despite severe reserves shortage Govt making payments on int’l debt commitments to avoid default
ISLAMABAD (Web Desk) - State Bank of Pakistan s (SBP) foreign exchange reserves increased by $258 million to $4.6 billion, according to data released on Thursday.
The country s total liquid foreign reserves were $10.44 billion of which commercial banks held $5.84 billion in net foreign reserves. This is the first rise in reserves in eight weeks, according to AHL.
SBP released a statement saying that its reserves climbed by $258 million to $4,601.2 million for the week that concluded on January 13, 2023.
The SBP s foreign exchange holdings have dropped by $1.23 billion to a critically low level of $4.34 billion during the preceding week.
The central bank reserves, which were around $18 billion at the beginning of the year 2022 have significantly decreased highlighting the pressing need for Pakistan to finish the next assessment of the International Monetary Fund (IMF) program.
As of right moment discussions for the ninth review appear to have halted due to a few earlier requirements of the Washington-based lender.
Despite having a severe shortage of foreign exchange reserves the government is nonetheless making payments on its international debt commitments to stay out of default.
The inflows are still far from sufficient to cover Pakistan s enormous import demands which have been strenuously restrained in light of the dollar deficit, experts have said.