Pakistan's debt reaches Rs 64 trillion: SBP
A report released by the State Bank of Pakistan (SBP) on
Thursday revealed that Pakistan's total debt and liabilities have reached Rs 64
trillion.
According to the SBP, the country's total international
debt, primarily government debt, has increased by 39 percent to Rs 24.1
trillion. Meanwhile, the local debt has risen by 24 percent to Rs 39.7
trillion, with the government of Pakistan taking on Rs 2.21 trillion in debt in
August 2023.
Earlier today, Pakistan's total liquid foreign reserves
reached US$ 13,030.8 million, with reserves held by the central bank standing
at $7,615.4 million.
Pakistan
pays back over $1b debt to international financial institutions
The SBP, in a statement issued on Thursday, reported that
its reserves decreased by $21 million to US$ 7,615.4 million during the week
ending on September 28, 2023. At the same time, net foreign reserves held by
commercial banks were at $5,415.4 million.
In the previous week, ending on September 22, 2023, the
total liquid foreign reserves held by Pakistan were US$ 13.162 billion. Among
them, foreign reserves held by the central bank were $7.636 billion, while net
foreign reserves held by commercial banks were $5.525 billion.
World
Bank warns of increasing exposure of Pakistan’s banking sector to sovereign
borrowing
Meanwhile, the Pakistani rupee (PKR) continued its upward
trend against the US dollar in the interbank market, marking its 21st
consecutive session of gains. According to the Forex Association of Pakistan,
the rupee gained Rs1 against the US dollar, trading at Rs284.68, up from
yesterday's close of Rs284.68.
In the open market, the dollar depreciated by Rs1, standing
at Rs284 in the morning trade, as reported by the Exchange Companies
Association of Pakistan.
Source: ARY News