Pakistan's Total Liquid Foreign Reserves Reach $12.3 Billion

By Saba Shafiq

| Published Nov 25, 2023 | 03:30 a.m.

KARACHI: Pakistan's central bank held reserves of $7,180 million, while the country's total liquid foreign reserves came to $12,302.3 million.

In a statement released here on Thursday, the State Bank of Pakistan said that loan repayments for the week ending on November 17, 2023, caused SBP's reserves to drop by $217 million to $7,180 million.

It also said that commercial banks maintained $5,122.3 million in net foreign reserves at the time.

The nation

's total liquid foreign reserves as of the previous week, which ended on November 10, 2023, were $12,535.5 million.

Of these, the central bank held $7,396.7 million in foreign reserves, while commercial banks held $5,138.8 million in net foreign reserves.

According to earlier reports, the staff-level agreement with Pakistan is expected to be approved by the International Monetary Fund's (IMF) executive board on December 7.

Sources indicate that the IMF executive board meeting is scheduled for December 7 and that Pakistan's case will be discussed during the meeting.

China has guaranteed a two-year debt rollover; Pakistan is expected to get $1 billion from the Gulf countries and $1.2 billion from Exim Bank.