KARACHI: Pakistan’s total liquid foreign reserves settled at US$ 9,513 million as of May 26, while reserves held by the central bank reached US$4,090.7 million, said a statement issued by the State Bank of Pakistan (SBP) on Thursday.
The decline in reserves occurred due to external debt repayment in the week ending on May 26, where foreign reserves of the central bank went down by US$102 million to US$4,090.7 million, while the net foreign reserves in the commercial banks settled at US$5,422.3 million, the statement added.
The statement further stated that the previous week ending on May 19, 2023, the total liquid foreign reserves in the country was recorded as US$ 9,731.1 million, including US$4,193 million in the central bank and US$5,538.1 million in the commercial banks.
Concerns About Pakistan’s Foreign Reserves
Pakistan is witnessing a significant challenge to maintain foreign reserves about double-digit.
Another challenge to the country is to manage the issue of repayment of multilateral and bilateral debt. Few weeks before, while addressing a conference, Former finance minister Miftah Ismail said that Pakistan has to pay $25b annually for the coming three years, which would be a gigantic task to fulfil.
