Pakistan’s foreign exchange reserves drop to $12.57 b

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KARACHI: The total liquid foreign reserves of Pakistan reached US$ 12.5766 billion while reserves held by the central bank stood at $7.5 billion.

The State Bank of Pakistan, in a statement issued here on Thursday, informed that SBP’s reserves increased by $ 13 million to $7.5 billion.

The total liquid foreign reserves of Pakistan dropped by $ 79 million to US$ 12.5766 Whereas, net foreign reserves held by commercial banks stood at $ 5.06 billion after a decrease of $92 million.

Earlier it was reported that Pakistan and the International Monetary Fund (IMF) will begin their negotiations for the next installment of $700 million today.

An IMF review mission reached Pakistan on Wednesday night to review the country’s economic performance during the first three months of the current fiscal year –from July to September.

According to sources, the review mission will be led by the global lender’s country chief, Nathan Porter.

Pakistan has completed all conditions of the International Monetary Fund (IMF) for the next review talks under the $3 billion standby arrangement (SBA), scheduled to take place in November, sources within the finance ministry told.

It is pertinent to mention here that after a continued decline of 12 months, Pakistan’s total textile exports registered an increase of 5% YoY to $1.43bn in October 2023 compared to $1.36bn recorded in the same period of last year.

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