According to figures issued by the State Bank of Pakistan, the central bank’s foreign exchange reserves increased by 14.6 percent on a weekly basis, reaching an all-time high of $20.15 billion (SBP).
The SBP’s foreign currency reserves were valued at $20,145.6 million on August 27, up $2,567 million from $17,578.9 million on August 20. The central bank received a $2,751.8 million general allocation of Special Drawing Rights (SDRs) from the International Monetary Fund (IMF) on August 24, helping to boost reserves to a new level.
Pakistan has previously borrowed $2.5 billion using Eurobonds on March 30, 2021, in order to increase its foreign exchange reserves by providing lenders attractive interest rates.
The country’s total liquid foreign currency reserves, comprising net reserves held by banks other than the SBP, were $27,227.7 million. The total amount of net reserves held by banks was $7,082.1 million.
Reserves climbed by $2,567 million to $20,145.6 million after accounting for external debt payments, according to the central bank.
