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Markets

SBP-held foreign exchange reserves fall $482mn, stand at $3.54bn

  • Receipts of $300mn from China to be reflected in next week’s data, says central bank
Published June 22, 2023

Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by $482 million, clocking in at nearly $3.54 billion as of June 16, data released on Thursday showed.

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

Total liquid foreign reserves held by the country stood at $8.86 billion. Net foreign reserves held by commercial banks clocked in at $5.33 billion.

“During the week ended on June 16, 2023, SBP reserves decreased by $482 million to $3,536.9 million due to external debt repayment,” said the SBP.

“During the current week, SBP has received $300 million proceeds of government of Pakistan commercial loan. These inflows shall be incorporated in the reserves position to be published as of June 23, 2023.”

Last week, the foreign exchange reserves held by SBP increased $107 million to $4.02 billion.

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

Comments

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Tulukan Mairandi Jun 22, 2023 08:19pm
Out of that, $300 million was used by Dar, as part of his Daronomics, to prop up the Rupee. (Market rate 320 vs interbank 288). IMF is watching.
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AmirSh. Jun 22, 2023 08:36pm
Where is our Financial Czar-Ishaq Dar? Where is his plan "B"?
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Aslam khan Jun 22, 2023 08:37pm
The only way out of this mess is to declare default and start rebuilding, it’s a painful process but it’s the need of the hour. Srilanka did it, we can do it faster
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Aslam Khan Jun 22, 2023 08:51pm
@AmirSh., ha ha plan b is to run out of the country on August 12th.
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Aslam Khan Jun 22, 2023 08:52pm
@Tulukan Mairandi, no yaar, ppl are no longer buying dollars from the open market. nothing to spend on.
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Tulukan Mairandi Jun 22, 2023 09:04pm
@Aslam Khan, Afghans (who are richer then us) are buying up all our USD. They sell us low grade coal that we are silly enough to buy
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Ahmad Jun 22, 2023 09:09pm
Disaster in the making.Fasten your seat belts.very rough ride ahead.
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Asif Mahmood Jun 22, 2023 11:46pm
@Tulukan Mairandi, BRICKS is bringing down USD as well as IMF, it's better for US to keep old friends ( Pakistan) from falling as His new friend(India) is nearing the downfall of US
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bonce richard Jun 23, 2023 12:36am
@Aslam khan, Sale the country Our army dominate the country since 1947 and making money in the name of Islam and Kashmir.
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bonce richard Jun 23, 2023 12:37am
@AmirSh., The gentleman is making money he is very smart and belongs to Punjab which is way Bengali separated from us.
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