Debt Repayment
ISLAMABAD: The foreign exchange reserves of the State Bank of Pakistan (SBP) further fell by $81 million WoW to $7.85 billion during the week ended on August 25. The SBP reported the foreign exchange reserves’ latest data today.
Similarly, the country’s total reserves decreased by $77.3 million or 0.58% WoW to $13.17 billion. The reserves held by commercial banks rose by $3.9m or 0.07% WoW to $5.32bn.
The reserves with the SBP are at $7.849 billion and $5.321 billion reserves are with the commercial bank as of August 25, 2023.
Total national reserves are $13.171 billion during this period. Last week the SBP’s reserves fell by $81 million on account of debt repayment, said the central bank.
Govt to announce relief in bills in 48 hours: PM Kakar
Meanwhile, Caretaker Prime Minister Anwaar-ul-Haq Kakar declared that within the next 48 hours, his government would announce a relief plan on electricity bills that have sparked nationwide protests.
The interim Prime Minister Kakar provided the assurance during an interaction at the PM Office with senior journalists.
The government will unveil a relief plan for electricity bills within the next 24 hours. The hike in electricity bills has triggered nationwide protests.
Government Reveals Plan To Collect Electricity Bills In Installments, Shares Details With IMF
Meanwhile, Caretaker Finance Minister Shamshad Akhtar is resolute in the full implementation of the latest IMF program ahead of its first economic review, which has sparked concerns of further increases in electricity and petrol prices rather than providing relief.
The government has proactively shared a plan with the IMF, outlining the collection of electricity bills in installments.
