Karachi March 6 2023: Pakistan Rupee appreciates in Interbank against dollar as State Bank of Pakistan received USD 500 million from China after rollover of USD 1.3 billon loan facility.
“Formalities completed & Chinese Bank, ICBC approved rollover of USD 1.3 billion facility which has been repaid by Pakistan to ICBC in recent months. Facility will be disbursed in 3 instalments, first one of USD 500 million has been received by SBP. It will increase forex reserves” say Finance Minister Ishaq Dar.
Pakistan Rupee appreciates PKR 3.13 or 1.1 percent in Interbank to trade at PKR 275.37 on Monday (PST 10:25), shrinking the losses to PKR 15.34 or 5.6 percent from record low of PKR 285.09 hit on 2nd March 2023.
In Open market Rupee Dollar closed at PKR 283.15 on Friday.
IMF demands free float exchange rate and increase in revenues along with circular debt management plan and removal of subsidies for the resumption of agreement.
“Pakistan Central Bank has no intentions to link the dollar exchange rate to Afghan border as such rate doesn’t exist officially. As a central bank we cannot follow any grey market rate and refutes all rumors regarding linking of dollar exchange rate with Afghan border rate”, says Governor State Bank of Pakistan.
“We are hopeful that country’s total foreign exchange reserves will be above USD 16 billion and central bank reserves will be more than USD 10 billion by June this year” says Dar.
Finance Minister said we have fulfilled all prior conditions for reaching agreement with IMF. The last condition which is recently been placed by IMF of electricity surcharge for the next year will be approved by the federal cabinet in next two to three days.
