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Home Business

Foreign exchange: SBP reserves up by $107m to $4bn

by News Publishing
June 16, 2023
in Business
Reading Time: 1 min read
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Foreign exchange: SBP reserves up by $107m to $4bn
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The State Bank of Pakistan’s (SBP) foreign exchange reserves reached $107 million to $4.019 billion in the week ending June 9, the central bank said on Thursday.

The country’s overall reserves increased by $43 million to $9.38 billion. Commercial bank reserves, on the other hand, dropped by $63 million to $5.36 billion.

Total liquid foreign #reserves held by the country stood at US$ 9.38 billion as of June 09, 2023.
For details https://t.co/WpSgomnKT3#SBPReserves pic.twitter.com/dGb63fH2gw

— SBP (@StateBank_Pak) June 15, 2023

In its weekly release, the SBP provided no explanation for the increase in foreign reserves.

Pakistan reportedly paid $1 billion to China on Monday, bringing the SBP reserves down to $3 billion. The finance ministry declined to confirm or deny the media claim.

Pakistan’s economy is in disarray due to financial difficulties and a delay in reaching an agreement with the International Monetary Fund (IMF) that would release much-needed cash critical to avoiding default.

Tags: Foreign ExchangelatestState Bank of Pakistan
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