The State Bank of Pakistan (SBP) noted that in the agriculture sector, the secular decline in cotton production needs to be addressed. Dawn/File
KARACHI: The State Bank of Pakistan (SBP) on Friday expressed concerns that despite an encouraging economic recovery made during FY21, certain structural vulnerabilities could create hurdles for growth in FY22.
In its third quarterly report ‘The State of Pakistan’s Economy’, the SBP noted that in the agriculture sector, the secular decline in cotton production needs to be addressed.
“Timely availability of pest-resistant seed varieties and further support from agriculture extension departments, particularly to promote the adoption of climate-smart farming practices, could enable better outcomes,” the report said.
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July 15, 2021
KARACHI: The central bank’s foreign exchange reserves rose to the highest level of $18.2 billion in four and a half years due to the inflows from Eurobonds, it said.
“SBP [State Bank of Pakistan] has received $1 billion proceeds from the government’s tap offering of its recently issued Eurobond. Accordingly, SBP’s FX reserves, as on 13 July, 2021, have reached $18.2 billion, which is the highest level since January 2017,” the SBP said in a tweet.
The SBP did not provide numbers on the latest position of Pakistan s total forex reserves. However, the data issued on Thursday showed that the country’s reserves surged by $1.117 billion to $ 24.4 billion in the week that ended July 02.