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Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by $72 million, clocking in at $4.31 billion as of May 12, data released on Thursday showed.

The overall number still stands at a critical level at around a month of import cover.

Total liquid foreign reserves held by the country stood at $9.94 billion. Net foreign reserves held by commercial banks clocked in at $5.63 billion.

“During the week ended on May 12, 2023, SBP reserves decreased by $72 million to $4,311.9 million due to external debt repayment,” said SBP in a statement.

Last week, SBP’s foreign exchange reserves decreased $74 million to $4.38 billion.

Pakistan’s reserves got a boost after the country received $300 million from the Industrial and Commercial Bank of China Ltd (ICBC), the last of three disbursements.

Cumulatively, Pakistan received $2 billion from Chinese institutions. This includes $700 million from the China Development Bank and $1.3 billion from ICBC.

Moreover, China also rolled over a $2-billion loan, lending further support to Pakistan’s faltering dollar reserves.

The critical level of foreign exchange reserves underscores the need for revival of the stalled programme with the International Monetary Fund (IMF).

While Pakistan is currently engaged in talks over its revival, the IMF has said it is looking forward to obtaining the necessary financing assurances as soon as possible to pave the way for the successful completion of the 9th Extended Fund Facility (EFF) review.

A delay in an agreement with IMF is taking a toll on the economy, and raises concerns on Pakistan’s balance of payments’ position.

Comments

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TimeToMovveOn May 18, 2023 10:59pm
Honestly Pakistan has negative foreign reserves if it removes import restrictions and debt roll overs dont come through.
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Aqib May 18, 2023 11:27pm
Ishaq Dar is doing a wonderful job of maintaining foreign exchange reserves while making debt repayments on time every now and then in the most critical time for the country. He has allowed imports of essential products and generated sufficient funds to keep the country afloat while IMF deal keep getting delayed because of global politics and monster imran khan doing everything in his arsenal to hurt Pakistan. World is going through unannounced recession but we will surely come out of it
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Aslam Khan May 18, 2023 11:30pm
Pakistan has the potential for becoming an Asian tiger, will Asim Munir's leadership and Shehbaz Sharif's intelligence, we will be there in no time Admin, if don't post this comment you will be reported to the ARMY, be very careful, Pakistan Zindabad
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Aslam Khan May 18, 2023 11:31pm
@TimeToMovveOn, you PTI guys are just jealous, Pakistan 4 billion is like 40 billion, don't worry.
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Anonymous May 19, 2023 12:43am
@Aslam Khan,
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Imrandar May 19, 2023 05:02am
This is the reason the PKR has remained relatively stable. Dar has been throwing our USD reserves. Otherwise we would hv been at 320 per USD by now
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Naik May 19, 2023 10:52am
Crooks are stealing more money using innovative methods!
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Muhomad saqib Saqib May 26, 2023 10:57am
My paise
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