Pakistan’s total liquid forex reserves rise to $10.13 billion

KARACHI – The total foreign exchange reserves of Pakistan crossed the US$10 billion mark while reserves held by the central bank moved up to US $4.6 billion after recent inflows.

In a statement, the State Bank of Pakistan said the total liquid foreign reserves held by the South Asian nation currently stand at US $10.13 billion as of March 17, 2023.

The recent development comes as the central bank received US$500 million as GoP commercial loan disbursement and after accounting for external debt repayments.

As of now, net foreign reserves held by commercial banks stood at US$5.54 billion, while reserves held by the State Bank were US$ 4.59 billion.

Earlier, crisis-hit Pakistan assured global lender that it would increase its foreign exchange reserves to $10 billion by the end of June. The global financial institution wants Islamabad to receive assurances for up to $7 billion to manage the balance of payments gap.

Meanwhile, the South Asian nation is desperately awaiting a tranche of $1.1 billion from the International Monetary Fund that has been delayed since last year.

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