FX reserves are set to reach $12bn by end-November: SBP governor

Pakistan’s foreign exchange reserves are consistently improving and are expected to reach $12 billion by the end of this month, the country’s central bank chief Jameel Ahmad said on Friday.

Even though the country has repaid $1 billion in external debt, the reserves will increase to $12 billion by the end of November, Ahmad, the governor of the State Bank of Pakistan told reporters on the sidelines of the event titled, ‘Enabling Green Financing and Green Bonds via Credit Enhancement Solutions’, organised by InfraZamin Pakistan.

Ahmad’s comments come as a team from the International Monetary Fund (IMF) is scheduled to visit Pakistan next week to assess the country’s progress on its $7 billion bailout package.

The improvement in foreign exchange reserves is attributed to a reduction in the current account deficit amid robust workers’ remittances, increased exports, and the receipt of the first tranche from the IMF’s Extended Fund Facility programme.