SBP reserves upsurge $268m to $12.06b

SBP reserves upsurge $268m to $12.06b

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According to data released by the State Bank of Pakistan (SBP) on Thursday, the foreign exchange reserves kept by the central bank rose 2.3 percent on a weekly basis.

The foreign currency reserves held by the SBP were reported at $12,066.6 million on October 16, up $268 million compared to $11,798.4 million the week before. According to a central bank statement, due to official inflows from the government of Pakistan, reserves have increased.

Overall, the country’s stocks of liquid foreign currency reserves, including net reserves kept by banks other than the SBP, were $19,301.6 million. Bank-held net reserves amounted to $7,235 million.

On 9 July last year, Pakistan received the first $991.4 million loan tranche from the International Monetary Fund ( IMF), which helped strengthen the reserves. The second loan tranche of about $454 million was released by the IMF in late December.

 

Earlier, on account of $2.5 billion in inflows from China, reserves jumped.

A few months earlier, on the maturity of Sukuk, the SBP successfully repaid over $1 billion in foreign debt.

 

In December 2019, owing to inflows from multilateral lenders, including $1.3 billion from the Asian Development Bank ( ADB), foreign exchange reserves crossed the $10-billion mark.

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