Pakistan’s foreign exchange reserves held by the State Bank of Pakistan (SBP) have risen significantly by more than $3 billion, bringing the central bank’s total reserves to $21.389 billion. This increase is mainly attributed to the inflow of funds from Pakistan’s recent Eurobond issuance.
When including the reserves held by commercial banks, the country’s total liquid foreign exchange reserves now stand at $26.791 billion. Commercial banks account for $5.402 billion of these reserves, as per the SBP data.
This notable boost in the central bank’s reserves comes amid Pakistan’s efforts to reinforce its external financial position and expand its foreign exchange buffer after facing pressures on the external account. The Eurobond proceeds have significantly strengthened the SBP’s liquid foreign exchange holdings, enhancing the country’s overall reserve position.
In a related development, the State Bank of Pakistan issued a clarification addressing rumors about the withdrawal of the Rs10 banknote. The SBP dismissed these reports as unfounded and urged the public to disregard such misinformation.
The central bank explained that while a proposal for introducing new-design banknotes is currently under review by the federal cabinet, no decision has yet been made to replace or withdraw any existing banknote denominations, including the Rs10 note.
The SBP emphasized that any official decision regarding the issuance of redesigned currency or the withdrawal of current banknotes will be formally announced to the public. This statement was issued following widespread speculation on social media and other platforms suggesting the Rs10 note might be removed from circulation.
Overall, the SBP’s clarification makes it clear that the consideration of new banknote designs should not be interpreted as a move to discontinue the Rs10 denomination or any other notes currently in use.
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