SBP’s foreign exchange reserves soar by 90 per cent

foreign exchange reserves

KARACHI: The foreign currency reserves held by the State Bank of Pakistan (SBP) were recorded at $8.727 billion on July 14, a 90 per cent increase compared to the $4.524 billion recorded a week earlier.

This is the first time since October 2022 that reserves have crossed the $8 billion barrier.

This comes after cash inflows to the country from Saudi Arabia, the United Arab Emirates (UAE), and the International Monetary Fund (IMF).

According to SBP data, the week of July 14 saw an inflow of $2 billion from Saudi Arabia, $1 billion from UAE, and $1.2 billion out of IMF’s $3 stand-by arrangement approved earlier this month.

Earlier this week, the Export-Import (Exim) Bank of China also refinanced over $600 million to the SBP which will further boost the dwindling reserves held by the central bank.

The country’s overall liquid foreign currency reserves, including net reserves held by banks other than the SBP, stood at $14.065 billion this week. This was an increase of $4.227 billion compared to the previous week.

Read more: Pakistan should adhere to IMF reforms: ADB

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