Pakistan's gold reserves stand at $4.12bn in April

June 22, 2023 (MLN): Pakistan's gold reserves remained stable to stand at $4.12 billion in April 2023 as compared to $4.11bn in the previous month, the latest data by Pakistan's Core Statistics Department showed.

Furthermore, Pakistan's foreign exchange reserves with the State Bank of Pakistan (SBP) and scheduled banks reached $11.5bn in April 2023 as compared to 11.27bn in the previous month.

The foreign exchange reserves serve as a crucial buffer for Pakistan's economy, ensuring stability in international transactions and providing a sense of confidence to investors and creditors.

The report reveals a decline in net reserves with banks, attributed to factors such as deposit utilizations and trade finance placements abroad.

However, the net reserves with the SBP have remained relatively stable, emphasizing the central bank's role in maintaining the country's financial stability.

These reserves play a crucial role in managing Pakistan's external obligations, such as debt repayments and imports of essential commodities.

Despite Finance Minister Ishaq Dar assuring time and time again of smooth progress regarding the debt obligations of the country, investors remain unconvinced.

Pakistan is managing to meet its external debt repayments, thanks to Chinese assistance, while grappling with an ongoing deadlock with the IMF.

Furthermore, Ishaq Dar has provided reassurances multiple times that the 9th review of the IMF program will be concluded this month, emphasizing that there are no concerns regarding payments until June 30.

He stated confidently, "We are fully prepared to ensure timely payments until June 30."

Gold Reserves

Amount in USD Million

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