SBP Denies Rumours that Reserves Have Dried Up

The State Bank of Pakistan (SBP) Tuesday said that rumors implying that the reserves held by the central bank have dried up are not true.

In a series of tweets, the central bank said that there are rumours implying that the SBP reserves have dried up or are not usable and that SBP has stopped import payments and banks have run out of US Dollars.

The central bank clarified that as of June 10, 2022, the SBP liquid foreign reserves stood at $8.99 billion. These do not include gold reserves and are fully usable for all purposes, it added.

It further clarified that SBP has not stopped import payments and commercial banks have sufficient US Dollar liquidity to execute these payments.

“Import payments of around $4.7 billion have been executed through the interbank market during the month so far,’ the central bank said.