Pakistan’s forex reserves rise above $4 billion after fresh Chinese loan flows in

Web Desk 12:45 AM | 10 Mar, 2023
Pakistan’s forex reserves rise above $4 billion after fresh Chinese loan flows in
Source: File photo

ISLAMABAD – The State Bank of Pakistan (SBP) announced on Thursday that its foreign exchange reserves have risen to over $4 billion.

The South Asian country has received a fresh loan of $500 million from a Chinese commercial bank. 

The forex reserves held by the SBP fell rapidly from $16.3 billion in February 2022 to a nine-year low of $2.92 billion on February 3, 2023. The dwindling reserves, barely enough to cover three weeks of imports, pushed the country to the brink of default. 

As Islamabad struggles to revive a stalled $1.1 billion IMF loan programme, it has desperately looked toward “friendly countries” to shore up its foreign reserves. 

As uncertainty looms around the IMF deal, Finance Minister Ishaq Dar said on Thursday that Pakistan is “very close” to signing the staff-level agreement with the global money lender.

“The total liquid foreign reserves held by the country stood at $ 9,754.0 million as of 03-Mar-2023,” the SBP said in a statement on Thursday.

“During the week ended on [March 3] 2023, [the] SBP’s reserves increased by $487 million to $ 4,301.0 million, due to receipt of $500 million as GoP commercial loan from China,” it added. 

Providing a breakup of the reserves, the central bank said foreign reserves currently held by the SBP stood at $ 4.3 billion, net foreign reserves held by commercial banks stood at $5.4 billion, while the total liquid foreign reserves of the country stood at $ 9.75 billion .

To prevent the outflow of dollars, Pakistan has imposed restrictions on imports, with the move prompting the partial closure of many industrial units and affecting exports, which provide a major source of revenue for the country.

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USD to PKR: Pakistani rupee remains stable against dollar as IMF talks underway

ISLAMABAD – Pakistani rupee remained stable against the US dollar as the market is looking for direction amid Pakistan’s ongoing negotiations with the International Monetary Fund (IMF).

Amid the economic uncertainty, the local currency remained unchanged against the greenback, moving up 0.01 percent during the opening hours of trading. Before noon, PKR was hovering at 285.40 in the interbank.

In contrast to the inter-bank, the dollar continued its upward trajectory in the open market and is reportedly available at Rs315, as the gap between the official rate and open market rate is Rs30 per dollar.

As the money market is waiting for a positive development from the economic front, International Monetary Fund (IMF) Mission Chief to Pakistan said they continued engagement with Islamabad focusing on the restoration of foreign exchange proper market functioning, with special on the upcoming budget.

Today's gold rates in Pakistan – May 30 2023

KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 232,700 on Tuesday.The price of 10 grams of 24k gold was recorded at Rs199,510.   

Likewise, 10 grams of 22k gold were being traded for Rs163,624 while a single tola of 22-karat gold was being sold at Rs 190,880.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

City Gold Silver
Lahore PKR 232,700 PKR 2,500
Karachi PKR 232,700 PKR 2,500
Islamabad PKR 232,700 PKR 2,500
Peshawar PKR 232,700 PKR 2,500
Quetta PKR 232,700 PKR 2,500
Sialkot PKR 232,700 PKR 2,500
Attock PKR 232,700 PKR 2,500
Gujranwala PKR 232,700 PKR 2,500
Jehlum PKR 232,700 PKR 2,500
Multan PKR 232,700 PKR 2,500
Bahawalpur PKR 232,700 PKR 2,500
Gujrat PKR 232,700 PKR 2,500
Nawabshah PKR 232,700 PKR 2,500
Chakwal PKR 232,700 PKR 2,500
Hyderabad PKR 232,700 PKR 2,500
Nowshehra PKR 232,700 PKR 2,500
Sargodha PKR 232,700 PKR 2,500
Faisalabad PKR 232,700 PKR 2,500
Mirpur PKR 232,700 PKR 2,500


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