Tuesday, April 23, 2024

SBP reserves rise from $61m to $12.2b- Foreign exchange

On a weekly basis, the central bank’s foreign exchange reserves rose to 0.5%, and the data which was released from the SBP- State Bank of Pakistan recently.

On the day of October 29, reserves of the foreign currency by the bank of SBP were announced at $12,182.6 million and high up to $61 million as compared with the previous week’s value of $12,121.5 million. However, the other central bank gave no such reason for reserves’ increase.

Almost overall, the reserves of liquid foreign currency by our country, including all like the net reserves held by the banks except for SBP, also stood at $19,353.6 million. Moreover, the net reserves by banks held amounted to $7,171 million.

Pakistan here also received its first loan with the value of $991.4 million, as from the International Monetary Fund (IMF) on the date of July 9, 2019, which also helped reserves bolster. In December of 2019, IMF released its second loan of tranche that was of $454 million.

On account of $2.5 billion, the reserves jumped, like in the inflows from country China previously. However, A few months ago, a bank like SBP successfully gave a repayment of the foreign debt of over the value of $1 billion on Sukuk’s maturity.

In December 2019 last year, the foreign exchange reserves surpassed the amount of $10-billion mark due to multilateral lenders’ inflows while including an amount like the value of $1.3 billion from just the ADB- Asian Development Bank.

Syed Ali Abbas
Syed Ali Abbashttps://startuppakistan.com.pk
General Manager at Startup Pakistan

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