Overview
- Officials said the IMF was notified of the monthly rollover change and requires UAE, Saudi Arabia and China to keep $12.5 billion in deposits with the SBP until the programme ends in September 2027.
- The central bank bought about $24 billion from the local market over three years to rebuild reserves, a tactic it acknowledged has kept pressure on the rupee.
- Governor Jameel Ahmad indicated further reserve accumulation this year will rely on additional market purchases.
- Pakistan pays roughly $130 million a year in interest on the UAE facility after the rate rose to about 6.5% from 3% in 2018, with the $2 billion counted within SBP reserves.
- Exports remain under strain due to weaker global food prices, and an oil price of $100 per barrel could add about $1.2 billion to the import bill over the rest of the fiscal year.