Pakistan’s total liquid foreign reserves surge to $14.06 bln – Money

Finance Minister Mohammad Ishaq Dar Friday announced that total liquid foreign reserves of the country have increased to $14.06 billion.

In a tweet, the minister said the State Bank of Pakistan’s (SBP) reserve position is also the highest since October last year.

Additionally, the volume of foreign exchange reserves held by the Central Bank has reached $8.072 billion, while the value of deposits with commercial banks stands at $5.033 billion.

The central bank in a statement issued the previous day informed that SBP received US$ 2.0 billion from the Kingdom of Saudi Arabia, US$1.2 billion from International Monetary Fund and US$ 1.0 billion from the United Arab Emirates.

Consequently, SBP reserves increased by US$ 4,203 million to US$ 8,727.2 million during the week ended on July 14, 2023.

Meanwhile, net foreign reserves held by commercial banks stood at US$ 5,338.1 million, it added. In the previous week ending on July 07, 2023, total liquid foreign reserves held by the country was US$ 9,838.5 million.

Among them, foreign reserves held by the central bank were US$ 4,524 million while net foreign reserves held by commercial banks were US$ 5,314.5 million.