Net reserves have increased by $9.5 billion: Baqir
State Bank of Pakistan Governor Raza Baqir.–File photo
State Bank of Pakistan (SBP) Governor Raza Baqir said on Tuesday that Pakistan’s net reserves have increased by $9.5 billion.
Talking to the media in Karachi, Raza said that interest rate would be decided after analysing the inflation situation at the next meeting of the Monetary Policy Committee. He said the committee decides the interest rate keeping in view the future situation and it would assess the impact of a cut in the interest rate. He said that hot money is not something new for the state bank. He dispelled the impression about purchase of bonds and treasury bills. He said that risks are assessed before buying treasury bills and bonds. He said that $3 billion is five percent of Pakistan’s total treasury market. He said the state bank has an eye on risks vis-à-vis hot money. He said the matter of a cut in the interest rate would come under discussion at the next meeting of the Monetary Policy Committee.