Karachi March 2 2023: SBP foreign exchange reserves for the week ending Feb 24, 2023, were up by USD 555.6 million to USD 3,814 million as per data released by the Central Bank.
Pakistan Central Bank reserves increased on payment of USD 700 million dollars from China Development Bank.
“In January 2023, the CAD fell to USD 242 million, the lowest level since March 2021. Cumulatively, the CAD – at USD 3.8 billion in Jul-Jan FY23 – is down 67 percent compared to the same period last year. Notwithstanding this improvement, scheduled debt repayments and a decline in financial inflows amid rising global interest rates and domestic uncertainties, continue to exert pressure on FX reserves and the exchange rate” reported by SBP.
“FX reserves remain low and concerted efforts are needed to improve the external position. In this regard, conclusion of the ongoing 9th review under the IMF’s EFF will help address near-term external sector challenges” says Central Bank in its statement.
At present, SBP reserves stand at the level of USD 3,814 million as of 23rd February 2023 compared to USD 3,258 million at the end of the week ending 17th February 2023.
During the same period, foreign exchange reserves held by commercial banks decreased by USD 14 million to the level of USD 5,453 million as of 24th February 2023.
Overall reserves held by the country witnessed an increase of USD 541 million to USD 9,267 million during the week ending 24th February 2023.
