KARACHI – The total liquid foreign exchange reserves of Pakistan dropped to $16,052.1 million during the week ended on January 24 as compared to previous week’s $16,189.3 million.
The total reserves held by the State Bank of Pakistan decreased by $76 million to $11,372.4 million due to external debt repayments, said an official statement.
Meanwhile, the breakup of the foreign reserves position showed that commercial banks held net foreign reserves of $ 4,679.7 million during the said period.
Total liquid foreign reserves held by the country, in the previous week ended on January 17, 2024, were $ 16,189.3 million.
Meanwhile, the federal government is expected to jack up petrol, and diesel rates amid fluctuations in global rates and local currency. The global crude oil prices moved up in last fortnight, but lately come down. As of midweek, Brent crude hovered at $76.58 a barrel.
Despite the fresh plunge in the global market, petrol prices are expected to increase by Rs3 per litre, while high-speed diesel (HSD) could move up by Rs5-Rs6 per litre in the upcoming fortnightly review. With the expected price hike, the petrol rate is likely to touch 259-260 while Diesel can go up to Rs265.
In this regard, OGRA will submit proposal to the finance ministry, recommending price adjustments based on international oil price fluctuations and changes in the exchange rate.
