Karachi July 3 2023: State Bank of Pakistan (SBP) foreign exchange reserves for the week ending June 23rd, 2023, were increased by USD 533 million, the most in past 17 weeks, as per data released by the Central Bank.
During the current week, SBP has received USD 300 million proceeds of GoP commercial loan.
The Federal Minister for Finance Muhammad Ishaq Dar expressed gratitude for China’s substantial assistance, which played a vital role in boosting Pakistan’s overall reserves to USD 10 billion. “Our target is to further increase reserves to USD 14-15 billion by end of the government’s term”, he added.
At present, SBP reserves stand at the level of USD 4,070 million as of 23rd June 2023, after an increase of USD 533 million compared to USD 3,537 million at the end of the week ending 23rd June 2023.
During the same period, foreign exchange reserves held by commercial banks decreased by USD 56 miilion to USD 5,270 million as of 23rd June 2023.
Overall reserves held by the country witnessed an increase of USD 477 million to USD 9,340 million during the week ending 23rd June 2023.