Karachi: Deputy Governor State Bank Of Pakistan ( SBP) Dr Inayat Hussain on Sunday apprised that Pakistan foreign reserved turned 9.3 billion dollars.
We have currently $9.3bn in foreign exchange reserves and $3.8bn of gold reserves separately. Situation is not so vulnerable that we need to pledge gold for more forex; says Deputy Governor #SBP Dr. Inayat Hussain in an exclusive #SBPPodcast. Watch full at https://t.co/2zC2Q7argf pic.twitter.com/9CWkwUJ4yo
— SBP (@StateBank_Pak) July 24, 2022
In his statement, the DG SBP added that foreign exchange market is fully functional in Pakistan adding that the country has gold value worth of 3.8 billions which is additional out of the foriegn reserves.
Inayat Hussain apprised categorically that there is no any situation that we could place gold in surety . He said that external foreign reserves are not in dangerous position.
Since Dec21 PKR has depreciated by 18% and 12% of it is owing to strengthening of US$ globally. Domestic factors are also at play. We expect demand supply gap to narrow soon; says Deputy Governor #SBP Dr. Inayat Hussain in an exclusive #SBPPodcast. Watch https://t.co/2zC2Q7argf pic.twitter.com/U4mySKLd9v
— SBP (@StateBank_Pak) July 24, 2022
He informed further that the value of rupees has depreciated by 18 percent since December last year while 12 percent decrease out of 18 percent is owing to increase in the US dollar value globally.
Demand and supply are the reason behind depreciation of the value of the Pakistani rupees. He said that the rupee was under pressure owing to less supply of and high demand of Dollar, he said.
He expressed hope that laziness will come into import which will result into decreasing the gap between demand and supply.
Since the staff level agreement with the IMF we have not received any complaint from banks or oil companies that they are facing difficulties in confirming imports LCs; says Deputy Governor #SBP Dr. Inayat Hussain in an exclusive #SBPPodcast. Watch full at https://t.co/2zC2Q7argf pic.twitter.com/yXZshq5HZ5
— SBP (@StateBank_Pak) July 24, 2022
On the market front, the Deputy Governor apprised that we didn’t recieve any complain in recent days from any bank or oil company that they are facing problems in opening of LC .
Dr Inayat Hussain described that the SBP has basic duty is that there should be no chaos in the foreign exchange market.
