Jameel Ahmad says central bank plans to launch fully digital banking by 2025 to enhance financial inclusion
DNA
KARACHI: Pakistan’s foreign exchange reserves have surged to cover two months’ worth of imports after the arrival of the first tranche from the International Monetary Fund’s (IMF) 37-month loan deal under the $7 billion Extended Fund Facility (EFF), Governor State Bank of Pakistan (SBP) Jameel Ahmed said on Wednesday.
In much-needed support for the country’s fiscally-challenged economy, the State Bank of Pakistan (SBP) received the first tranche of $1.03 billion (SDR 760 million) on Monday, September 30, 2024.
Pakistan had been working on implementing conditions deemed “strict” to complete the loan programme agreed to in July, which Prime Minister Shehbaz Sharif time and again hoped would be Pakistan’s last.
The liquid reserves now stand at $10 billion, providing much-needed stability to the country’s foreign exchange position.
“The foreign exchange reserves have stabilised, and we expect further improvements,” Ahmed said speaking at a banking conference.
He highlighted that the recent IMF disbursement has eased pressure on the rupee, ensuring a smooth supply of dollars in the market.
