MM News

KARACHI: The State Bank of Pakistan’s (SBP) foreign exchange reserves fell by $482 million, reaching around $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.

The country has $8.86 billion in total liquid foreign reserves. Commercial banks held $5.33 billion in net foreign reserves. “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).

Meanwhile, Minister for Finance and Revenue Senator Ishaq Dar has again sought the United States’ help to unlock the stalled $1.1 billion International Monetary Fund loan as he met the US ambassador Donald Blome, it emerged on Wednesday.

The Finance Division said Dar also informed the US diplomat about the latest government’s budgetary measures for fiscal year 2023-24 are aimed at reducing the fiscal gap in order to meet national as well as international financial obligations.

The development came during Dar’s meeting with US Ambassador to Pakistan Donald Blome.