KARACHI: The foreign exchange reserves of the State Bank of Pakistan (SBP) increased by $167 million to $11.675 billion during the week ending June 6, the central bank announced on Thursday.
The government believes the central bank’s reserves will reach $14 billion by the end of the current fiscal year.
The total liquid foreign reserves held by the country stood at $16.875bn, including $5.199bn held by commercial banks.
Monetary policy
The State Bank on Thursday said that its Monetary Policy Committee (MPC) will meet on June 16 to set interest rates for the next two months.
The main inflation rose to 3.5 per cent year-on-year in May, marking the highest level in five months. This increase follows a significant drop in April, when the inflation was at a near six-decade low of 0.3pc.
The financial sector, after an increase in inflation, remained silent over the next policy rate. Most analysts believe that the interest rate will remain unchanged at 11 per cent.
After the rise of CPI-based inflation in May, there appears to be no chance of a decline in interest rates.
Published in Dawn, June 13th, 2025