SBP reserves rise to $3.25bn

KARACHI: Pakistan’s total liquid foreign reserves stood at US$ 8,726.5 million during the week ended on February 17, 2023.

The State Bank of Pakistan, in a statement issued here on Thursday, stated that reserves held by the central bank increased by US$ 66 million to rise to US$ 3,258.5 million while net foreign reserves held by commercial banks were at US$ 5,468 million.

In the previous week ended on February 10, total liquid foreign reserves hold by the country were US$ 8,702.2 million.

Among them, foreign reserves held by the SBP were US$ 3,192.9 million while net foreign reserves held by commercial banks were US$ 5,509.3 million.

Meanwhile, the Asian Development Bank (ADB) Mission headed by Deputy Country Director Asad Aleem met with Chairman Federal Board of Revenue Asim Ahmad, here on Thursday and discussed the progress on the Domestic Resource Mobilization (DRM) program.

He was accompanied by Public Management Specialist (Taxation) Yuji Miyaki and Senior Economist of ADB Ms. Farzana Noshab, said a press release.

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Both sides discussed the program to support the resource mobilization initiatives of the government for promoting an inclusive and evidence based institutional framework for tax policy, administration, digital transformation and automation.

The policy actions were thoroughly reviewed in the meeting.

It was agreed that the FBR was on track to achieve the targets of the Program and both sides will continue to work towards identifying further areas of cooperation.