Pakistan forex reserves rise $67m to $7.7b

Pakistan's foreign exchange reserves, SBP

KARACHI: Pakistan’s foreign exchange reserves held by the State Bank of Pakistan (SBP) rose by $67.3 million to $7,714 million in the week ending on October 13, 2023, compared to the previous week’s tally of $7,646.7 million.

According to the SBP data, the overall liquid foreign currency reserves of the country, including the reserves held by commercial banks, amounted to $12,912.9 million.

Meanwhile, commercial banks held reserves of $5,198.9 million.

Under a $3 billion loan programme spanning nine months, the IMF provided the first tranche of $1.2 billion while Saudi Arabia and the UAE deposited $3 billion in SBP’s accounts.

Meanwhile, Pakistan’s current account posted a deficit of $8 million in September, ARY News reported quoting the State Bank of Pakistan (SBP).

According to SBP data, the deficit was lower when compared with $950 million in July 2023, the current account deficit was $ 360 million in September last year.

Earlier, Pakistan’s current account posted a deficit of $809 million in July, the highest since October 2022, State Bank of Pakistan (SBP) data showed.

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