The foreign exchange reserves held by the central bank surged 14.6% on a weekly basis, hitting an all-time high of $20.15 billion, according to data released by the State Bank of Pakistan (SBP) on Thursday.
On August 27, the foreign currency reserves held by the SBP were recorded at $20,145.6 million, up $2,567 million compared with $17,578.9 million on August 20.
On August 24, the central bank received general allocation of Special Drawing Rights (SDRs) from the International Monetary Fund (IMF) of $2,751.8 million, which helped lift the reserves to a historic high.
“After accounting for external debt payments, reserves increased by $2,567 million to $20,145.6 million,” the central bank said.
Read Rupee becomes worst performer in Asia
Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $27,227.7 million. Net reserves held by banks amounted to $7,082.1 million.
Earlier, Pakistan borrowed $2.5 billion through Eurobonds on March 30, 2021 by offering lucrative interest rates to lenders aimed at building the foreign exchange reserves.
Published in The Express Tribune, September 3rd, 2021.
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