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Print Print edition: 2023-03-25

Forex reserves cross $10bn mark

Published March 25, 2023 Updated March 25, 2023 08:50am
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KARACHI: The country‘s total liquid foreign exchange reserves crossed the $10 billion mark supported by foreign inflows. According to the weekly foreign exchange report issued on Friday, the total liquid foreign reserves held by the country increased by $292 million to stand at $10.139 billion as of March 17, 2023 compared to $9.846 billion as of March 10, 2023.

During the week under review, SBP received $ 500 million as government of Pakistan commercial loan disbursement. After accounting for external debt repayments, SBP reserves also rose by $ 280 million to $ 4.6 billion at the end of the last week, up from $4.32 billion.

SBP-held forex reserves increase $18mn, now stand at $4.32bn

The current level of SBP’s reserves can meet the import bill of one month. Net foreign reserves held by commercial banks also mounted up by $13 million to $ 5.54 billion during the last week.

Copyright Business Recorder, 2023

Pakistan Economy SBP forex reserves foreign exchange reserves Exchange rate SBP reserves foreign inflows Economic distress

Comments

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Tulukan Mairandi Mar 25, 2023 07:39am
Come on man, other people's money in banks is not forex reserves!
0
Safinaz Mar 25, 2023 11:40am
Wow! what a twist. But then I think you are right, even the money in the Statebank is not Pakistan's money, it is either China's or Saudis or Emirates deposits, so if we count these as our reserves than why not money sitting in people's accounts. Ooh wait, we have even plundered these deposits as well. oops. If Statebank publishes the real numbers now, I think we are at negative 3 to 4 billion USD or so.
0
Sikandar Mar 25, 2023 12:25pm
@Safinaz, you seem to be well acquainted in this regard , how it will account for Saudis , china , in proportion, out of 4.34?? How has Govt plundered the people's money while back in 1996 govt has to freeze the foreign accounts to do so ??
0
Fahd Hassan Mar 25, 2023 01:11pm
There r better ways of attracting foreign exchange in Pakistan. Many many other ways in fact. If only we gave up the habit of panhandling first.
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Nadeem zaman Mar 25, 2023 02:11pm
@Safinaz, even the money in USA UK governments is borrowed what’s the issue??
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Zahid Mar 25, 2023 02:28pm
Seriously! why don't you add funds placed by elite capture in Swiss and ME bank accounts. Height of illusion, I reckon.
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Jamal Mar 26, 2023 12:25am
10bn mark is the cumulative number right? If we check the SBP number so it's 4.5bn only? Pls share the valid number.
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KhanRA Mar 26, 2023 01:05am
@Tulukan Mairandi, that’s not true - it’s common for countries to build up their foreign reserves with debt. India runs massive annual deficits, yet they have huge Foreign reserves. How? Because they built it by taking on debt.
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Trump Mar 26, 2023 04:39pm
Deception illusion about state of economic meltdown!
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Mohamed Kullu Mar 26, 2023 07:31pm
@KhanRA, agree, if Pakistan has borrowed the money, and properly received it, it constitutes forex reserves if so allocated. That's basically 100% of Pakistan's forex. All loan or deposit rollovers. But... it's not considered forex reserves if people have not lent you the money. As an example, if you have $1b in a bank in Pakistan, it is not part of forex reserves, because you have not lent the money to Pakistan. What Dar is saying is that your $1b, that you have not loaned to Pakistan, is also forex reserves!
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Tulukan Mairandi Mar 27, 2023 08:40am
@Mohamed Kullu, thanks for your explanation mate. KhanRA will be much smarter if he consumed more paste.
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