Pakistan's Foreign Exchange reserves register decrease
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As of Thursday, the country's total liquid foreign reserves amounted to US$12.5355 billion, with the central bank holding reserves of $7,396.7 million, a decrease of $115 million attributed to debt repayments during the week ending November 10, 2023, according to a statement from the State Bank of Pakistan.
Concurrently, commercial banks held net foreign reserves totaling $5,138.8 million. In the preceding week, ending November 3, 2023, the total liquid foreign reserves were US$12,614.2 million. During that period, the central bank's reserves were $7,511.5 million, and commercial banks held net foreign reserves of $5,102.7 million.
This development follows the recent staff-level agreement between Pakistan and the International Monetary Fund (IMF) for the first review under Pakistan’s Stand-By Arrangement (SBA). Pending approval by the IMF’s Executive Board, approximately $700 million will become available, bringing the total disbursements under the program to nearly $1.9 billion.
The IMF team expressed gratitude to Pakistani authorities, the private sector, and development partners for their cooperation throughout the mission. Under the $3 billion standby arrangement, Pakistan received $1.2 billion from the IMF as the first tranche in July.
