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Pakistan’s foreign reserves increase by 2.7pc
According to the State Bank of Pakistan (SBP), the bank's foreign exchange Pakistan’s foreign reserves increase by 2.7pc
According to the State Bank of Pakistan (SBP), the bank’s foreign exchange reserves increased by 2.7 percent this week, following a six-week decline.
The SBP’s foreign currency reserves stood at $4.019 billion on June 9, up $107 million from the previous day’s figure of $3.912 billion.
The country’s total liquid foreign currency reserves, including reserves held by banks other than the SBP, were $9.378 billion, a $43 million increase from the previous week.
However, the net reserves held by banks experienced a decrease of $63 million during the week, standing at $5.360 billion.
Moody’s warning
Moody’s Investors Service has raised concerns about Pakistan’s ability to obtain loans from bilateral and multilateral partners.
According to the credit company, this ability will be severely limited until a new agreement with the International Monetary Fund (IMF) is reached. According to the report, it is unclear whether Pakistan will participate in another IMF programme until after the upcoming elections in October 2023. Even if future IMF programme negotiations are successful, they are expected to be time-consuming.
