KARACHI – According to the State Bank of Pakistan (SBP), the foreign exchange reserves held by the bank showed a 2.7 percent weekly increase after six consecutive weeks of decline.
As of June 9, the SBP’s foreign currency reserves reached $4.019 billion, reflecting a rise of $107 million compared to the $3.912 billion recorded on June 2.
The total liquid foreign currency reserves of the country, including reserves held by banks other than the SBP, amounted to $9.378 billion, indicating a $43 million increase from the previous week.
However, the net reserves held by banks experienced a decrease of $63 million during the week, standing at $5.360 billion.
Moody’s warning
Moody’s Investors Service has issued a warning regarding Pakistan’s ability to obtain loans from bilateral and multilateral partners.
The credit company stated that this ability will be severely limited until a new agreement is reached with the International Monetary Fund (IMF). The report suggests that it is unclear whether Pakistan will participate in another IMF program until after the upcoming elections, which are scheduled for October 2023. Even if negotiations for a future IMF program are successful, they are expected to be time-consuming.
Moody s raises concerns over Pakistan s ‘uncertain’ external funding prospects
