BAFL 38.50 Decreased By ▼ -0.11 (-0.28%)
BIPL 17.45 Increased By ▲ 0.66 (3.93%)
BOP 4.06 Increased By ▲ 0.11 (2.78%)
CNERGY 3.08 Decreased By ▼ -0.03 (-0.96%)
DFML 16.50 Increased By ▲ 0.25 (1.54%)
DGKC 43.89 Increased By ▲ 0.14 (0.32%)
FABL 22.27 Increased By ▲ 0.12 (0.54%)
FCCL 11.32 Increased By ▲ 0.37 (3.38%)
FFL 6.38 Increased By ▲ 0.08 (1.27%)
GGL 9.47 Decreased By ▼ -0.11 (-1.15%)
HBL 90.51 Decreased By ▼ -1.99 (-2.15%)
HUBC 87.57 Decreased By ▼ -0.13 (-0.15%)
HUMNL 5.48 Decreased By ▼ -0.02 (-0.36%)
KEL 2.00 Increased By ▲ 0.05 (2.56%)
LOTCHEM 28.51 Increased By ▲ 0.25 (0.88%)
MLCF 30.18 Increased By ▲ 0.72 (2.44%)
OGDC 97.81 Increased By ▲ 1.74 (1.81%)
PAEL 9.99 Decreased By ▼ -0.06 (-0.6%)
PIBTL 3.91 Increased By ▲ 0.01 (0.26%)
PIOC 85.36 Increased By ▲ 0.61 (0.72%)
PPL 74.47 Increased By ▲ 1.57 (2.15%)
PRL 15.29 Decreased By ▼ -0.11 (-0.71%)
SILK 0.96 Increased By ▲ 0.02 (2.13%)
SNGP 46.78 Increased By ▲ 0.35 (0.75%)
SSGC 9.35 Increased By ▲ 0.22 (2.41%)
TELE 6.93 Increased By ▲ 0.01 (0.14%)
TPLP 12.35 Increased By ▲ 0.03 (0.24%)
TRG 90.22 Increased By ▲ 1.18 (1.33%)
UNITY 25.38 Decreased By ▼ -0.11 (-0.43%)
WTL 1.14 Decreased By ▼ -0.02 (-1.72%)
BR100 4,656 Increased By 12.1 (0.26%)
BR30 16,663 Increased By 117.9 (0.71%)
KSE100 46,365 Increased By 87.4 (0.19%)
KSE30 16,172 Increased By 20.7 (0.13%)

Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by $179 million, clocking in at nearly $3.91 billion as of June 2, 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 $9.33 billion. Net foreign reserves held by commercial banks clocked in at $5.42 billion.

“During the week ended on June 2, 2023, SBP reserves decreased by $179 million to $3,912.2 million due to external debt payments,” said the SBP.

Last week, SBP’s foreign exchange reserves decreased by $102 million, clocking in at nearly $4.09 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).

On Thursday, it was reported that Pakistan has to satisfy the IMF on three counts, starting with a budget to be presented on Friday, before its board will review whether to release at least some of the $2.5 billion still to be disbursed under a lending programme that will expire at the end of this month.

Esther Perez Ruiz, the IMF’s resident representative for Pakistan, that there was only time for one last board review before the scheduled end of the $6.5-billion Extended Fund Facility (EFF).

“As communicated to the authorities, there can be one remaining Board meeting under the current EFF at end-June,” Perez Ruiz said in an email response to Reuters.

“To pave the way for a final review under the current EFF, it is essential to restore the proper functioning of the foreign exchange market, pass a FY24 budget consistent with programme objectives, and secure firm and credible financing commitments to close the $6 billion gap ahead of the Board,” she added.


1000 characters
Ashfaq Jun 08, 2023 08:21pm
I think finishing pti is more important than getting imf program. Dar has booked his flight to London to meet his buddy bajwa in September, my recommendation is to buy dollars or any foreign currency in July
thumb_up Recommended (0) reply Reply
Ash Chak Jun 08, 2023 08:57pm
Dar has not met any of the three preconditions of the IMF. 1. He has not presented a budget which is in line with IMF guidelines. 2. He has not arranged the requisite external financing other than a few promises. 3. The gap between interbank and open market dollar rates still persists. Time to bring out Plan B , whatever that is. By the way, just because the gas pipeline infrastructure is estimated to be worth $30 Billion, doesn't mean that it can be monetized.
thumb_up Recommended (0) reply Reply
Tulukan Mairandi Jun 08, 2023 10:40pm
The real reason why the failing PKR has been hovering below 300 is because Dar has been pumping up the PKR by throwing USD
thumb_up Recommended (0) reply Reply
Shiva Jun 08, 2023 10:47pm
India is no threat to you. India has never attacked nor is interested in Pakistan. Stop obsessing over Kashmir, forget about Kashmir, dismantle your terror apparatus and seek prosperity for your citizens.
thumb_up Recommended (0) reply Reply
Mirz Jun 09, 2023 05:49am
And the egos of apoliticals running all time high!
thumb_up Recommended (0) reply Reply

Alarming: SBP-held foreign exchange reserves fall another $179mn, now stand at $3.91bn

Pakistan receives first shipment of Russian LPG, Russian embassy says

Open-market: rupee appreciates further against US dollar

Pakistan seeks Chinese assistance in EV technology

Pakistan seeks two LNG cargoes for winter

Pink eye outbreak: schools in Punjab to remain closed for 4 days

Terrorist groups in Afghanistan pose security threat to Pakistan: Munir Akram

At least 8 dead, 5 injured in rocket launcher shell explosion in Sindh’s Kandhkot

Indus Motor Company announces another plant shutdown

Oil prices climb $1 as markets focus on supply tightness

EPCL extends gas supply deal with SSGC till October 15