Pakistan’s foreign reserves drop to $13.46bn

Karachi: The State Bank of Pakistan (SBP) on Thursday said that on June 27, 2023, Pakistan's total liquid foreign reserves decreased by $74 million to $13.46 billion.

The country's foreign reserves decreased by $74 million to $13.46 billion, according to statistics released by the SBP.

The SBP's reserve balance fell by $32 million to $8.15 billion.

Additionally, it stated that commercial banks' net foreign reserves decreased by $38 million to US$ 5.3 billion in the meantime.

Earlier, Finance Minister Muhammad Ishaq Dar has commended Federal Board of Revenue (FBR) for collecting 7,169 billion rupees in lieu of taxes against the target of 7,200 billion rupees during the last fiscal year.

Speaking during his visit to the FBR headquarters in Islamabad, he said: “The negligible shortfall of 31 billion rupees is due to import compression and spending in foreign currency.

The Finance Minister lauded the FBR for surpassing the target of 524 billion rupees by collecting over 538 billion rupees during the first month of the current financial year.

He stressed the need to work with more strength and cohesion to achieve the aggressive target for the current fiscal year which is nine to ten trillion rupees.

“The stringent financial measures taken by the coalition government have paid off as the national reserves today, stand between 13 to 14 billion dollars,” he added.