Forex reserves decrease $125 million to $7.93 billion
KARACHI: According to information issued by the central bank on Thursday, the State Bank of Pakistan’s (SBP) foreign exchange reserves fell by 1.5% week over week to reach $7.93 billion.
The central bank’s foreign exchange reserves were $7,930.5 million at the conclusion of the week on August 18, 2023, down $125 million from the $8,055.3 million they had at that time. The SBP attributed the drop in Pakistan’s foreign exchange reserves to debt repayments.
There were $13,248.4 million in total liquid foreign currency reserves, including those held by commercial banks. Of them, $5,317.9 million in reserves were held by commercial banks. Following financial support from the International Monetary Fund (IMF) and friendly countries, the reserves dramatically increased in July 2023.
Under a new $3 billion loan program lasting nine months, Pakistan received about $1.2 billion from the IMF. Deposits totaling $3 billion were also provided by Saudi Arabia and the UAE.
The federal government’s attorney argued that the lengthy delimitation process could not realistically be finished in four months. He advised against excluding 30 million voters from the electoral process under the guise of election administration.
He claimed that delimitation ought to logically come after the census procedure, noting that the Supreme Court is presently debating this matter. In addition, Justice Sheikh asked the Pakistani Attorney General for help and gave the law officer instructions to update the court on the election date by the next hearing.
The case concerned a petitioner’s request for the court to deem the ECP’s notification, which was issued on August 17, 2023, unconstitutional. The petitioner, Muhammad Muqsit Saleem, submitted the petition.
Saleem urged the court to order the involved respondents to refrain from acting on the contested notification and instead take legitimate steps to make sure elections are place within the 90-day window specified by the constitution.
Published in EDP BLOGS on August 25,2023.
