Tuesday June 21, 2022

SBP Clarifies Rumors Claiming it’s Foreign Exchange Reserves Have Dried up

KARACHI: The State Bank of Pakistan (SBP) on Tuesday dismissed all the rumors claiming that it’s reserves have dried up or are not usable, the State Bank has stopped import payments and that banks have run out of US$.

The SBP took to it official twitter handle to reject all the aforementioned rumors and said that as of 10th June 2022, SBP liquid foreign reserves stood at $8.99 billion. These do not include gold reserves, and are fully usable for all purposes.

It was further clarified that the SBP has not stopped import payments and commercial banks have sufficient $ liquidity to execute these payments.

Indeed, import payments of around US$ 4.7 billion have been executed through the interbank market during the month so far, stated SBP.

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