The SBP has claimed that the bank holds $8.99 billion in foreign reserves that are fully usable.
The State Bank of Pakistan (SBP) rejected the news about foreign reserves being dried up in the country’s bank on Tuesday. The State Bank took to social media to deny the rumors and announce that the bank had reserves which are fully usable.
The central bank noted on Twitter that there were rumors spreading that the suspension of import payments and its reserves' alarmingly low level were related.
The SBP tweeted, “SBP liquid foreign reserves stood at $8.99 billion. These do not include gold reserves, and are fully usable for all purposes.”
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Additionally, SBP stated that it had not halted import payments and that commercial banks had enough Dollar liquidity to carry them out.
“Import payments of around $4.7 billion have been executed through the interbank market during the month so far,” the SBP said in another tweet.
The State Bank of Pakistan's foreign exchange reserves fell by $240 million during the week ending June 10th, according to a report published on June 16.
