SBP recorded rise of $70 million in foreign exchange reserves

KARACHI: A whopping rise of $70 million was recorded by the State Bank of Pakistan (SBP) on Thursday, according to data issued by the central bank.

The SBP recorded the total of $11.516 billion foreign exchange reserves as of May 23 in comparison to $11.447 billion on May 16.

The nation’s total liquid foreign exchange reserves, comprising net reserves held by banks other than the SBP, were $16.637 billion, a decrease of $12 million from the week before.

The net reserves maintained by banks decreased by $82 million over the course of the week to $5.121 billion.

Earlier, Finance Secretary Imdadullah Bosal confirmed that the upcoming federal budget for the fiscal year 2025-26 shall be tabled on June 10.

The date for the Annual Plan Coordination Committee (APCC)  has not been announced yet, and the National Economic Council (NEC) meeting date may still be subject to change, said the Finance secretary.

The Adviser to the Finance Minister, Khurram Shehzad, said in a post shared on his X handle that the budget shall be presented on June 10.

“As communicated earlier, the upcoming Federal Budget FY26 is on schedule to be announced on June 10, 2025. Similarly, the upcoming Pakistan Economic Survey FY25 is scheduled to be announced on June 9, 2025.” Shehzad Said.

He also added that virtual talks with the International Monetary Fund (IMF) resume today.