Karachi May 4 2023: SBP foreign exchange reserves for the week ending April 28, 2023, were down by USD 5.6 million to USD 4,457 million as per data released by the Central Bank.
At present, SBP reserves stand at the level of USD 4,457 million as of 28th April 2023 compared to USD 4,462 million at the end of the week ending 20th April 2023. During the month of April 2023 Central Bank reserves increase by USD 249 million on Chinese loan and decade low trade deficit.
“Out of Chinese Bank’s ICBC approved facility of USD 1.3 billion (which was earlier repaid by Pakistan), State Bank of Pakistan has received back third and last disbursement on April 14,2023 in its account amounting to USD 300 million.” says Pakistan Finance Minister Ishaq Dar.
Pakistan trade deficit decreased 42.59 percent during the month of April when compared to the previous month to USD 1,444 million, the lowest level in more than 13 years, according to data released by Pakistan Bureau of Statistics.
During the same period, foreign exchange reserves held by commercial banks also increased by USD 25 million to the level of USD 5,586 million as of 28th April 2023.
Overall reserves held by the country witnessed a increase of USD 19 million to USD 10,043 million during the week ending April 28, 2023.
