Pakistan’s foreign reserves fall to $9.94 billion: SBP

BusinessPakistan's foreign reserves fall to $9.94 billion: SBP

KARACHI, Pakistan: The Country’s total liquid foreign reserves have shrunk to US$ 9.94 billion, according to the State Bank of Pakistan (SBP).Pakistan's foreign reserves fall to $9.94 billion: SBP

The Central Bank said on Friday that as of May 12, 2023, the total liquid foreign reserves held by the Country stood at US$ 9.94 billion, shrinking by US$ 52.9 million in one week.

The Country’s foreign exchange reserves were US$ 9,990.4 million as of May 05, 2023; however, they fell to US$ 9,937.5 million a week later that ended on May 12, 2023.

The foreign reserves held by the State Bank also dropped from US$ 4,383.4 million to US$ 4,311.9 million from May 05 to 12, recording a decrease of US$ 71.5 million.

However, reserves with the Commercial Banks rose to US$ 5,625.6 million as of May 12 against US$ 5,607.0 million recorded in the previous week ended on May 05.

Meanwhile, in a major policy directive for combating the menace of social engineering and other digital banking frauds, the State Bank of Pakistan has directed Commercial Banks and Microfinance Banks to improve their digital fraud protection controls and processes by taking timely remedial and control preventive measures failing which they shall be held responsible for loss of any customer funds due to delay on their part.

These new measures are part of wider SBP objective to enhance digital financial inclusion and promote digital financial services by creating and enhancing customer trust in the safety, security & soundness of the digital banking ecosystem.

Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

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