Karachi July 10 2023: Dollar gain nearly 2 Rupees both in open market and interbank as country remittances decline 22 percent in the month of July.
Pakistan Rupee drop PKR 1.83 in interbank to trade at 279.23 (PST 12:00) against Friday closing of PKR 277.9 against Dollar.
In open market dollar remained unmoved and is trading at PKR 283.15 (PST 12:00).
Workers’ remittances recorded an inflow of USD 2.2 billion during June 2023, which is 22 percent lower than that of corresponding period last year.
In terms of growth, during June 2023, remittances increased by 4 percent on m/m and decreased by 22 percent on y/y basis.
With cumulative inflows of USD 27.0 billion during FY23, workers’ remittances decreased by 13.6 percent as compared to last year.
Pakistan Rupee gained 4 percent since signing of staff level agreement with Pakistan for USD 3 Billion bailout package. The IMF Executive Board meeting to consider a USD 3 billion loan program for Pakistan will be held on July 12, the Washington-based lender said.
On June 29 2023, IMF team has reached a staff-level agreement with the Pakistani authorities on a nine-month Stand-by Arrangement (SBA) in the amount of SDR2,250 million (about USD 3 billion or 111 percent of Pakistan’s IMF quota). The new SBA builds on the authorities’ efforts under Pakistan’s 2019 EFF-supported program which expires end-June. This agreement is subject to approval by the IMF’s Executive Board, which is expected to consider this request by mid-July.
