The State Bank of Pakistan (SBP) on Friday issued the annual Financial Stability Review for 2022 and found that financial system performance and resilience remained firm during the year.
The foreign exchange reserves continued their downward trend and fell to USD 4.38 billion in the week ending May 5, central bank data showed on Thursday.
During the past few months, several multinational companies have expressed dismay over institutional hurdles impacting their businesses. Most prominent among them is the excessive foreign exchange control followed by Pakistan.
The Pakistan Supreme Court last week directed the State Bank of Pakistan (SBP) to "allocate and release" Rs 21 bn by April 17 for elections in two provinces from the Federal Consolidated Fund (FCF) "lying under its control and management".
Pakistan Supreme Court on Friday ordered the State Bank of Pakistan (SBP) to direct funds for holding elections to the Punjab and Khyber Pakhtunkhwa assemblies, Geo News reported.
In its weekly bulletin, the State Bank of Pakistan (SBP) said that its foreign exchange reserves have decreased as of the week ended March 24, which will provide an import cover of less than a month.
The gap between the Pakistani rupee's value in the interbank and open markets is rising again, creating a black market where the dollar is being traded at a much higher price, the Dawn reported.
According to Business Recorder, the State Bank of Pakistan (SBP) on Monday reported that the country has fetched FDI amounting to USD 683 million during July-Jan of FY23 as against USD 1.22 billion in the same period of last fiscal year (FY22).
In the first half of the fiscal year, Pakistan paid USD 10.21 billion in external debt servicing while in the same period of 2021-22, the country paid USD 6 billion, State Bank of Pakistan's (SBP) data showed.