KARACHI: State Bank of Pakistan (SBP) Governor Dr Reza Baqir said that Pakistan’s exchange rate had stabilized and foreign exchange reserves were satisfactory.
Earlier, speaking at the CEO Summit here in the Karachi on Thursday, State Bank of Pakistan (SBP) Governor Dr Reza Baqir said no country could operate at this export-to-GDP ratio, pressuring further that many shoddier nations had it better than Pakistan.
He said now Pakistan’s exchange rate had stabilized and foreign exchange reserves were pleasing. The SBP governor said those who spoke of default of country are now silent, he added.
He further said the economic progress was not a short-term process, rather a long-term one that for solid growth, Pakistan needs to change its position.
A press release issued by State Bank of Pakistan (SBP) stated the total liquid foreign reserves held by the country stood at US$ 18,747.1 million on 14-February-2020.
The break-up of the foreign reserves position is as under-(i) Foreign reserves held by the State Bank of Pakistan: US$ 12,504.7 million. (ii) Net foreign reserves held by commercial banks: US$ 6,242.4 million (iii) Total liquid foreign reserve: US$ 18,747.1 million.
During the week ending 14-February-2020, SBP reserves increased by US$74 million to US$ 12,504.7 million.
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