News

SBP foreign reserves surge by $70mn to almost $13bn

The foreign exchange reserves held by the central bank rose 0.54% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.

As per details in the report published by Profit by Pakistan Today, on February 26, the foreign currency reserves held by the SBP were recorded at $12,978.4 million, up $70 million compared with $12,908.7 million in the previous week.

According to the central bank, the rise came as a result of the official inflows of the government.

Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $20,133.5 million. Net reserves held by banks amounted to $7,155.1 million.

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).

Sponsored
Hamza Zakir

Platonist. Humanist. Unusually edgy sometimes.

Leave a Comment
Share
Published by
Hamza Zakir

Recent Posts

Pakistani Passport Continues to Rank Among the Worst in the World

According to the most recent Henley Passport Index, Pakistan's passport is still one of the…

7 hours ago

November 9 Approaches: Will Iqbal Day Be a Public Holiday This Year?

As Iqbal Day approaches on November 9, Pakistan prepares to honor Allama Iqbal, the celebrated…

7 hours ago

Most Wanted Human Trafficker Taken Into Custody

GUJRAT: According to the Gujrat circle of the Federal Investigation Agency (FIA), they have arrested…

8 hours ago

Air Sial Starts Weekly Flights from Islamabad to Riyadh

Air Sial, one of Pakistan's leading private airlines, has officially launched its weekly flights from…

9 hours ago

Important Update on Profit Rates for Savings Schemes 

On Friday, the government stated that from November 4th, 2024, profit rates on National Savings…

10 hours ago

Pakistan to Legalize Bitcoin and Cryptocurrency Through SBP Act Amendments?

The federal government has proposed amendments to the State Bank of Pakistan (SBP) Act aimed…

11 hours ago