Forex reserves reach highest position since October 2022: Ishaq Dar

          ISLAMABAD: On Friday, Senator Mohammad Ishaq Dar, the federal minister of finance and revenue, stated that the  State Bank of Pakistan’s (SBP) foreign exchange reserves were at their highest point since October 2022. The overall amount of liquid foreign reserves, according to the federal minister, was $14.6 billion. “Total liquid foreign reserves at $14.06 billion, SBP’s reserve position highest since October 2022,” he  declared. It is important to note that due to inflows from Saudi Arabia, the United Arab Emirates (UAE), and the  International Monetary Fund (IMF), the overall amount of liquid foreign reserves increased to US$ 14,065.3 million, while reserves held by the central bank increased to $8,727.2 million.

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, 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.