Pakistan’s foreign exchange reserves have recently reached a total of$13.12 billion, as reported by the State Bank of Pakistan (SBP). The lateststatistics, issued by the SBP, reveal a notable decline of $44 million inthe country’s foreign reserves during the week ending on September 1, 2023.
Specifically, the reserves held by the SBP decreased by $70 million,settling at $7.77 billion. Simultaneously, the net foreign reserves held bycommercial banks experienced a decrease of $25.6 million, reaching $5.34billion.
As of August 31, 2023, the foreign exchange reserves of the State Bank ofPakistan (SBP) dipped to $7.84 billion, following a significant decrease of$81 million. The overall liquid foreign reserves held by the countryamounted to $13.17 billion after experiencing a drop of $77.4 million.
Moreover, commercial banks held net reserves of $5.32 billion, reflecting adecline of $3.9 million.
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Furthermore, it is worth noting that the State Bank of Pakistan (SBP) hasinitiated plans to introduce “structural reforms” within the ExchangeCompanies sector. This strategic move aims to enhance transparency andcompetitiveness within the sector, demonstrating the country’s commitmentto strengthening its financial stability and foreign exchange management.
