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FOREIGN RESERVES SURGE TO $14.471 BILLION
State Bank’s Reserves Match Sanctioned North Korea’s Levels
KARACHI, PAKISTAN – MONDAY
Pakistan’s foreign reserves have reached $14.471 billion, with the State Bank of Pakistan’s (SBP) reserves standing at $9.1 billion, equivalent to the levels of highly sanctioned North Korea.
The remaining $5.3 billion is held by Pakistani commercial banks, according to the latest data. Islamabad witnessed a modest increase of $51 million in its reserves last month, contributing to the overall growth.
The development has raised eyebrows, with experts drawing parallels between the SBP’s reserves and those of North Korea, which has faced severe economic sanctions.
Read Also: State Bank of Pakistan Announces Significant Interest Rate Cut
The increase in foreign reserves is a positive sign for Pakistan’s economy, but the comparison with North Korea’s reserves has sparked concerns among economists and policymakers.
RESERVES BREAKDOWN
– State Bank of Pakistan: $9.1 billion
– Pakistani commercial banks: $5.3 billion
– Increase in Islamabad’s reserves: $51 million (last month)
EXPERT REACTION
The surge in foreign reserves is a welcome sign, but the comparison with North Korea’s reserves is alarming. We need to diversify our economy and reduce our reliance on borrowed funds,” said Dr. Kaiser Bengali, a renowned economist.
The development has sparked a lively debate among economic analysts and policymakers, with many calling for a more robust strategy to boost Pakistan’s foreign reserves and reduce its reliance on borrowed funds.