KARACHI: State Bank has bought 2 billion dollars from the interbank market during the last 7 months to keep foreign exchange reserves stable.
According to sources, the purchase of dollars from the interbank market also helped to keep foreign exchange reserves at a certain level as per IMF conditions.
Sources say that most of the purchases of dollars have been made during the last few months, which is mainly due to the difficulties in obtaining external loans. Depreciation would begin.
Sources further said that State Bank has met the IMF’s target of reducing the forward swing position to $3.45 billion by December. is slightly better than
Apart from this, the State Bank has also fulfilled the condition given by the IMF regarding the NIR, the condition of maintaining foreign exchange reserves of more than 8.2 billion dollars by December has also been fulfilled. Banks have been buying dollars from the market.
According to the data released by the State Bank, the government has repaid foreign debts of 3.2 billion dollars during the first half of this fiscal year, while it has received a rollover of 4 billion dollars from China and Saudi Arabia. Pakistan’s external debt has increased to 131.2 billion dollars as of December.
