Karachi March 16 2023: SBP foreign exchange reserves for the week ending March 10th, 2023, were up by USD 18 million for the fifth consecutive week, as per data released by the Central Bank.
"Out of Chinese ICBC’s approved rollover facility of US$1.3 billion (which was earlier repaid by Pakistan to ICBC in recent months), documentation for second disbursement of US$500 million has been completed by Finance Ministry for release of funds to the State Bank of Pakistan" says Pakistan Finance Minister Ishaq Dar.
"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.
At present, SBP reserves stand at the level of USD 4,319 million as of 10th March 2023 compared to USD 4,310 million at the end of the week ending 3rd March 2023.
During the same period, foreign exchange reserves held by commercial banks increased by USD 75 million to the level of USD 5,527 million as of 10th March 2023.
Overall reserves held by the country witnessed an increase of USD 93 million to USD 9,847 million during the week ending 10th March 2023.