KARACHI : July 3,2023: With deposits by the Forex companies , the reserves of State Bank of Pakistan (SBP) have gone up by $ 533 million on Monday.
With addition of $ 533 ,SBP reserves increased to $ 4,069.9 and it took Pakistan’s net reserves to $ 9.324.9 billion. According to SBP, the commercial banks have $ 5.270.8 billion dollar in their accounts .
This is for the first time since January this year that Pakistan’s net reserves have cross the mark of $ 9 billion . Since Pakistan is expecting major inflow of funds from the International Monetary Fund (IMF) its very likely that Pakistan’s forex reserves are going to go up to 15 billion by end of current calendar year .
Rising Forex reserves will dispel impression of Pakistan’s default on sovereign payment obligations . Since Pakistan is heavily indebted it needs to keep its Forex reserves at a reasonable level to fulfil sovereign obligations in time.