SBP's Reserves Shrink To $5.6 Billion - Capital TV

June 4, 2023


SBP’s Reserves Shrink To $5.6 Billion

Anum Razzaque

KARACHI: The Foreign reserve of the State Bank of Pakistan (SBP) further shrank and stood at $5.576 billion on 30 December, according to the data issued by the Central Bank.

On Thursday, SBP shared the data on the foreign reserve, which shows that the country has lost $245 million foreign reserves during the week, ended on 30 December.

In April, when the coalition government came into power, the foreign reserves of Pakistan stood at $10.5 billion, and now it has declined nearly $4.93 billion since nine months of a coalition government.

Follow more: Dar Rejects the ‘White Paper’ of PTI

On Thursday, while rejecting the ‘White Paper’ of Pakistan Tehreek-e-Insaf (PTI), finance minister Ishaq Dar expressed hope that China and Saudi Arabi showed consent to fuel up the foreign reserves in Pakistan.

Even before assuming office, Dar said he’ll jack up the economy and make the rupee stable in combat to the greenback. However, he did not get success yet to stabilizing the position of the local currency.

Meanwhile, the International Monitoring Fund’s (IMF) tranche can be helpful for SBP to deplete the decline in foreign reserves, but after many attempts no green signal has been shown from Fund.

Read more: SBP’s Foreign Exchange Reserves Further Declines by $294m

On the other hand, the finance minister also claimed that Pakistan would complete the IMF programme.

Hence, the foreign reserves of Pakistan stood at $17.6 billion during the same month of last year, which has declined by $12.10 by the end of the second quarter of the fiscal year 2022-2023.

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