KARACHI: Pakistan’s foreign exchange reserves increased by $21 million over the past week, bringing the total to $19.681 billion.
According to experts, the reserves now cover the equivalent of 70 days’ worth of imports. However, under the International Monetary Fund (IMF) standards, reserves should equal ninety days of import cover.
During the week, the SBP’s dollar reserves rose by $34 million to reach $14.3 billion. Meanwhile, commercial banks’ dollar deposits decreased by $12 million, falling to $5.3 billion.
Separately on Wednesday, the Senate Standing Committee on Finance has recommended that the power to determine the salary of the State Bank of Pakistan (SBP) governor withdrawn from the bank’s board and made subject to government approval. Senator Anusha Rehman called for legislation to formalise this recommendation.
According to details surfaced on Wednesday, concerns were also raised over an increase of Rs380 million in the salaries of officials at the Securities and Exchange Commission of Pakistan (SECP). The committee was informed that, as of October 2023, the SBP Governor’s monthly salary stood at Rs4 million, excluding other allowances and benefits. The committee has summoned the Governor to explain the details of the salary package.
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