KARACHI: State Bank of Pakistan (SBP) foreign exchange reserves fell $592 million to $3.09 billion in a week. According to data released by the central bank on Thursday.
Pakistan’s total liquid foreign exchange reserves are $8.74 billion. The net foreign exchange reserves held by commercial banks were $5.65 billion.
The central bank attributed the $592 million drop to external debt settlements.
foreign liquids included #reserve The holding by the country is US$ 8.74 billion as of January 27, 2023.
for details https://t.co/WpSgomnKT3 pic.twitter.com/LE9eay1XU2— SBPAC (@StateBank_Pak) February 2, 2023
in December, Governor of State Bank of Pakistan (SBP) Jameel Ahmad insists all debt settlements are going according to plan. The country’s foreign exchange reserves are expected to increase in the second half of the current fiscal year.
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In a statement, the SBP governor said that in fiscal 2023 approximately $33 billion will be repaid to external stakeholders. This includes a current account deficit (CAD) of $10 billion and loan payments of $23 billion.
of the foreign debt to be paid in the amount of 23 billion dollars. Pakistan has repaid over $6 billion. While $4 billion in bilateral loans have been circulated through the cooperation of the countries involved.
“An additional $8.3 billion of maturing commitments is expected to be rolled over while discussions are ongoing,” he said, adding that the remaining repayments will be approximately $4.7 billion for the remainder of the fiscal year. this
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He said Pakistan received $4 billion in foreign currency. (excluding the $4 billion in turnover mentioned above) While inflows are expected to increase significantly in the second half of the current fiscal year,” he added.
In addition to the turnover of some external obligations. Pakistan’s foreign exchange reserves are expected to increase significantly in the coming months.
He said Pakistan’s debt status consisted of bilateral and multilateral creditors. And only a small proportion of it is owed to foreign banks. “SBP has sufficient reserves to effectively repay all its obligations. and expected inflows to increase forex reserves.”
