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Pakistan Foreign Exchange Reserves Falls to $12bn

Pakistan Foreign Exchange Reserves Falls to $12bn. In Karachi, Pakistan, the total liquid foreign reserves have reached $12.5766 billion, with the central bank holding $7.5 billion, according to the State Bank of Pakistan (SBP) statement.

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Concurrently, net foreign reserves held by commercial banks have declined by $92 million, now totaling $5.06 billion. Negotiations have commenced for the next $700 million installment between Pakistan and the International Monetary Fund (IMF).

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An IMF review mission, under the leadership of Nathan Porter, is currently in Pakistan to assess the economic performance for the July to September period.

Pakistan has successfully fulfilled all IMF conditions for the upcoming $3 billion standby arrangement (SBA) review, scheduled for November.

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It’s noteworthy that Pakistan’s total textile exports have rebounded, registering a 5% year-on-year growth, reaching $1.43 billion in October 2023, compared to the $1.36 billion reported in the same period the previous year.

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