The foreign exchange reserves held by the central bank rose 2.39% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.
On April 23, the foreign currency reserves held by the SBP were recorded at $16,427.8 million, up $384 million compared with $16,043.9 million in the previous week.
The central bank gave no reason for the increase in reserves.
Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $23,520.2 million. Net reserves held by banks amounted to $7,092.4 million.
Pakistan borrowed $2.5 billion through Eurobonds on March 30, 2021 by offering lucrative interest rates to lenders aimed at building the foreign exchange reserves.
Pakistan received the first loan tranche of $991.4 million from the International Monetary Fund (IMF) on July 9, 2019, which helped bolster the reserves. In late December 2019, the IMF released the second loan tranche of around $454 million.
The reserves also jumped on account of $2.5 billion in inflows from China. In 2020, the SBP successfully made foreign debt repayment of over $1 billion on the maturity of Sukuk.
In December 2019, the foreign exchange reserves surpassed the $10 billion mark owing to inflows from multilateral lenders including $1.3 billion from the Asian Development Bank (ADB).
According to the most recent Henley Passport Index, Pakistan's passport is still one of the…
As Iqbal Day approaches on November 9, Pakistan prepares to honor Allama Iqbal, the celebrated…
GUJRAT: According to the Gujrat circle of the Federal Investigation Agency (FIA), they have arrested…
Air Sial, one of Pakistan's leading private airlines, has officially launched its weekly flights from…
On Friday, the government stated that from November 4th, 2024, profit rates on National Savings…
The federal government has proposed amendments to the State Bank of Pakistan (SBP) Act aimed…
Leave a Comment