With the increase of millions of dollars, the total reserves of the country became 8 billion 72 billion 65 million dollars
Lahore (Akhbar Latest. February 23, 2023) The series of increase in the country's foreign exchange reserves has started, with the increase of millions of dollars, the total reserves of the country have reached the level of 9 billion dollars. According to the details, the country's foreign exchange reserves have increased by more than 60 million dollars. According to media reports, the reserves of the central bank have increased while the reserves of commercial banks have decreased.
According to the data released by the Central Bank, Pakistan's foreign exchange reserves increased by a total of 62 million dollars, which made the total reserves 8 billion 72 billion 65 million dollars. According to the report, State Bank's reserves increased by 6.6 million dollars to 3.25 billion dollars. While the deposits of commercial banks decreased by 4 million dollars, after which the deposits came to the level of 5 billion 47 million dollars.
On the other hand, the IMF has made more demands on the government of Pakistan trying to restore the loan program. According to media reports, the International Monetary Fund is demanding that Pakistan's monetary policy be tightened. According to the sources, Pakistan is constantly facing pressure from the IMF to take advance measures in time. The IMF has insisted on tightening monetary policy.
According to the sources, if the government follows the IMF demand and tightens the monetary policy, it is likely to increase the interest rate. The IMF is demanding a further 2% increase in the interest rate while the State Bank's base interest rate is currently 17%. It is feared that the interest rate may reach 19% in the upcoming monetary policy under the pressure of the IMF.
The stance taken by the IMF is to tighten the monetary policy due to the increase in inflation. It is further reported that in the recent virtual meeting held between the representatives of the Government of Pakistan and the IMF, efforts were made by Pakistan to complete the Staff Level Agreement. In the virtual meeting, Pakistan also presented its foreign exchange reserve target strategy till June.
According to the sources, there is a strong possibility that the MEFP draft for the Pakistan IMF negotiations and agreement will be finalized soon. According to the sources, Pakistan also gave a briefing on the financing of friendly countries, in the briefing on refinancing with China, China's refinancing decision of 700 million dollars was informed, also on the financing of 1.2 billion dollars from the United Arab Emirates to the IMF. Briefing was given, apart from this, IMF was informed about financing through shares in the stock market of United Arab Emirates and Qatar. According to sources in the Ministry of Finance, Pakistan is likely to receive the installment of the loan program from the IMF soon.
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