Daily Times

Federal Minister for Finance and Revenue, Senator Mohammad Ishaq Dar here on Friday said that the foreign exchange reserves held by the State Bank of Pakistan (SBP) were at their highest position now since October 2022. In a tweet, the federal minister said the total liquid foreign reserves stood at $14.6 billion. “Total liquid foreign reserves at $14.06 billion, SBP’s reserve position highest since October 2022,” he tweeted. It is pertinent to mention that the total liquid foreign reserves rose to US$ 14,065.3 million while reserves held by the central bank reached $8,727.2 million owing to inflows from Saudi Arabia, United Arab Emirates (UAE), and International Monetary Fund (IMF). The central bank in a statement issued the previous day informed that SBP received US$ 2.0 billion from the Kingdom of Saudi Arabia, US$1.2 billion from International Monetary Fund, and US$ 1.0 billion from the United Arab Emirates. Consequently, SBP reserves increased by US$ 4,203 million to US$ 8,727.2 million during the week ended on July 14, 2023. Meanwhile, net foreign reserves held by commercial banks stood at US$ 5,338.1 million, it added. In the previous week ending on July 07, total liquid foreign reserves held by the country was US$ 9,838.5 million. Among them, foreign reserves held by the central bank were US$ 4,524 million while net foreign reserves held by commercial banks were US$ 5,314.5 million.