fbpx

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
Mati
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.

Must read

Recent News

Pakistan releases 200 Indian fishermen

0
ISLAMABAD, Pakistan: The Pakistani government released further 200 Indian fish workers on Thursday as a humanitarian gesture.The Spokesperson of the Ministry of Foreign Affairs...

Hammad Azhar terms reports of his involvement in May 9 mayhem ‘pack of lies’

0
Urges TV Channel to air his statement alike to false news attributed to sourcesISLAMABAD, Pakistan: The Pakistan Tehreek-e-Insaf (PTI) senior leader Hammad...

Pakistan records highest ever inflation in May 2023 with 38%

0
ISLAMABAD, Pakistan: The Consumer Price Index (CPI) jumped to 38.0 percent on Year-on-Year (YoY) basis in May 2023, registering the highest ever inflation in...
Register a Business with FBR as sole owner

FBR collects Rs 605 billion gross revenue against all odds

0
ISLAMABAD, Pakistan: Despite all odds, the Federal Board of Revenue (FBR) has put in tremendous effort to achieve the revenue target for the month...

UAE jobs 2023: 500 Emiratis to get training & jobs in Industrial Sector

0
ABU DHABI, UAE: In the United Arab Emirates (UAE), more than 70 Industrial Companies will offer training and employment opportunities to 500 Emiratis, aiming...
Advertisement