Forex reserves rise to $4.31 billion


Foreign reserves at the central bank rose 0.4 percent to $4.3 billion on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.

On March 10, 2023, the foreign exchange reserves of TMKKK increased by $18 million and amounted to $4,319.1 million, compared to $4,301 million on March 3.

The central bank did not give a reason for the increase.

In general, liquid currency reserves in the country, including net reserves in banks other than ТМККК, amount to 9,846.8 million. amounted to US dollars. Net reserves in banks amounted to 5,527.7 million dollars.

Read more: SBP’s foreign exchange reserves to rise to $4.3 billion

Ismail Iqbal Securities, Head of Research, Fahad Rauf recently said that further improvement in the level of foreign exchange reserves of Pakistan is due to the revival of the International Monetary Fund (IMF) loan program and the arrival of new financing from other multilateral and bilateral lenders.

“They (foreign exchange reserves) are expected to increase to about $7-8 billion by the end of the current fiscal year on June 30, 2023,” he said.

After the central bank chose to buy dollars from the interbank market, the country’s reserves continued to improve as the greenback’s supply grew relative to its demand.

“The existence of a surplus of US dollars in the interbank market prompted the central bank to intervene (buy the surplus),” the source said.

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