Pakistan’s foreign exchange reserves drop to $12.57bn: SBP

Karachi: The total liquid foreign reserves of Pakistan reached US$ 12.5766 billion while reserves held by the central bank stood at $7.5 billion on Thursday.

The State Bank of Pakistan (SBP) announced in a statement that its reserves had climbed to $7.5 billion, a rise of $13,000 million.

Pakistan's total liquid foreign reserves decreased by US$ 79 million to US$ 12.5766. Conversely, commercial banks' net foreign reserves dropped by $92 million to $5.06 billion.

Furthermore, there have been reports that the second installment of $700 million talks between Pakistan and the International Monetary Fund (IMF) will start today.

Pakistan was visited by an IMF review team on Wednesday night in order to assess the nation's economic performance in the first three months of the current fiscal year, which runs from July to September.

According to sources, the review mission will be led by the global lender’s country chief, Nathan Porter.

Pakistan has completed all conditions of the International Monetary Fund (IMF) for the next review talks under the $3 billion standby arrangement (SBA), scheduled to take place in November, sources within the finance ministry told ARY News

It is pertinent to mention here that after a continued decline of 12 months; Pakistan’s total textile exports registered an increase of 5% YoY to $1.43bn in October 2023 compared to $1.36bn recorded in the same period of last year.