Foreign reserves climb to $4.01b
The research head was of the view that the critically low foreign exchange reserves would not allow improvement in the rupee-dollar exchange rate. photo: file
The State Bank of Pakistan (SBP) has reported a 2.65% increase in foreign exchange reserves on a weekly basis, with the total reaching $4.01 billion, according to data released on Thursday.
As of June 9, 2023, the SBP’s foreign currency reserves stood at $4,018.7 million, marking a $107 million rise compared to $3,912.2 million on June 2.
The central bank has not provided a specific reason for this increase in reserves.
Ismail Iqbal Securities, Head of Research, Fahad Rauf pointed out that improvement in the country’s foreign reserves hinged upon the revival of the IMF programme and fresh financing from other multilateral and bilateral creditors. Rauf projected that the reserves were expected to further increase to approximately $7-8 billion by the end FY2023.
Published in The Express Tribune, June 16th, 2023.
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