Tuesday, April 23, 2024

State Bank of Pakistan reserves increased by nearly $500 Million just in a single week

Data released by the State Bank of Pakistan (SBP) stats the data yesterday, and it shows that the foreign exchange reserves held by the central bank have risen by 3.74%just in a week. The Foreign currency reserves that were recorded at $13,415.5 million are now up by a massive figure of $484 million compared to the previous week.

The central bank of Pakistan also said about the increase in reserves that came on the back of the official inflows of Pakistan’s government. Overall, the liquid foreign currency reserves that are held by the country include the net reserves that are stored by banks other than the State Bank Pakistan that stood at $20,552.4 million. The net reserves also held by the banks amounted to around $7,136.9 million.

Pakistan had received the first loan tranche that is with a value of $991.4 million from the International Monetary Fund (IMF) last year that helped bolster the reserves. In the late December of 2019, the IMF also released the second loan tranche of $454 million.

The reserves previously had jumped on account of $2.5 billion in the inflows from China as per reports. And a few months ago the State Bank of Pakistan- SBP successfully made foreign debt repayment of an amount of over $1 billion on the maturity of the Sukuk.

Last year in December, the foreign exchange reserves of the country surpassed by the $10-billion mark owing to the inflows from multilateral lenders and also including $1.3 billion from the Asian Development Bank (ADB). This impressive rise in foreign exchange reserves has boosted the value of the PKR rupee against the US dollar that indeed is amazing.

Mehjabeen Qasim
Mehjabeen Qasimhttps://startuppakistan.com.pk/
Business Journalist at Startup Pakistan

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