$115 million decline
ISLAMABAD: The State Bank of Pakistan disclosed that the SBP’s reserves decreased by $115 million to $7,396 million due to debt repayments by November 10, 2023.
Concurrently, commercial banks held net foreign reserves totaling $5,138 million. The nation’s liquid foreign reserves stood at US$ 12.53 billion, with the central bank holding $7.4 billion.
The previous week, by November 3, 2023, the country’s total liquid foreign reserves were at US$ 12.61 billion. Among these, the central bank held reserves of $7.51 billion, and commercial banks held net reserves of $5.10 billion.
On Thursday, the International Monetary Fund (IMF) signed a staff-level agreement with Pakistan regarding the completion of the first review under Pakistan’s Stand-By Arrangement (SBA).
This agreement, contingent on the approval of the IMF’s Executive Board, will potentially provide around US$700 million, summing the total disbursements under the program to approximately US$1.9 billion.
Acknowledging the fruitful discussions and cooperation, the IMF team expressed gratitude to Pakistani authorities, the private sector, and development partners throughout the mission.
Since the inception of the $3 billion standby arrangement (SBA), Pakistan received $1.2 billion from the IMF as the first tranche back in July.
In coming days, Pakistan would receive another $700 million from the IMF after the approval of the board of directors of the fund.
