Pakistan’s foreign exchange reserves rose by $21 million during the past week, taking the total to $19.681 billion, according to official data.
Experts said the current reserves provide about 70 days of import cover, though the International Monetary Fund (IMF) standard requires reserves equal to at least 90 days of imports.
The State Bank of Pakistan’s (SBP) reserves increased by $34 million, reaching $14.3 billion. On the other hand, commercial banks saw a decline of $12 million in their dollar deposits, which fell to $5.3 billion.
Meanwhile, a separate development on Wednesday saw the Senate Standing Committee on Finance recommending that the authority to decide the salary of the SBP governor should no longer rest with the bank’s board. Instead, it suggested that the matter should be subject to government approval through legislation.
Senator Anusha Rehman, who raised the proposal, also pointed to the need for checks on rising salary packages at state institutions. Concerns were highlighted regarding 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 was Rs4 million, excluding allowances and benefits. Lawmakers have now summoned the governor to provide a detailed explanation of the salary structure.
