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SBP-held forex reserves rise $17 million

07:17 PM | 14 Mar, 2024
SBP-held forex reserves rise $17 million
Source: File Photo

KARACHI – Foreign exchange reserves held by State Bank of Pakistan (SBP) saw an increase of $17.2 million to reach $7,912.9 million as of March 8, 2024.

The central bank in a statement said total liquid foreign reserves surged to $13,151.3 million, adding that net foreign reserves held by the commercial banks stood at $ 5,238.4 million.

During the week ended on March 08, 2024, SBP’s reserves increased by $17 million to $7,912.9 million.

SBP has not given any reason behind the increase in foreign exchange reserves of the country. 

Pakistan and the International Monetary Fund will start talks today to finalise final $1.1 billion tranche of $3 billion bailout.

The country's new finance minister-led team will start negotiations with a delegation of global lender, and the IMF will review whether Islamabad met all requisites for the bailout funds. The talks will continue till March 18, but could be extended for another 2-3 days.

The new government in South Asian nation is expecting to get third and final tranche worth $1.1 billion from US based lender, but release of the amount will have to be approved by the IMF top officials.

According to the finance ministry, all the requirements set by the IMF, including structural benchmarks, qualitative performance criteria, and indicative targets, have been met for the successful completion of the review.

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PKR exchange rate to US dollar, Euro, Pound, Dirham, and Riyal - 13 April 2024 Forex Rates

Pakistani currency remains largely same against US dollar and other currencies in open market on April 13, 2024.

US Dollar rate in Pakistan

On Saturday, the US dollar was being quoted at 277.4 for buying and 280.65 for selling.

Euro was quoted at 299.95 for buying and 302.9 for selling while British Pound stands at 349.5 for buying, and 353 for selling.

UAE Dirham AED was at 75.45 and Saudi Riyal's new rates was at 73.30. 

Today’s currency exchange rates in Pakistan - 12 April 2024

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