Pakistan’s foreign exchange reserves increased by 0.05% on a week-on-week basis, totalling $7.51 billion, according to data released by the State Bank of Pakistan (SBP) on Friday.
As of the week ending on November 3, 2023, the central bank’s foreign currency reserves reached $7,511.5 million, marking a $4 million rise compared to the previous week’s total of $7,507.8 million.
The SBP did not provide a reason for the upsurge in reserves. The country’s total liquid foreign currency reserves, which include reserves held by commercial banks, reached $12,614.2 million, with commercial banks holding $5,102.7 million.
Read SBP, Arab Fund alliance to ease cross-border remittances
Previously, Pakistan’s foreign exchange reserves had notably increased following financial assistance from the IMF through its $3 billion standby arrangement and dollar deposits from friendly nations.
The IMF initiated its loan programme, providing the first tranche of $1.2 billion. Additionally, Saudi Arabia and the United Arab Emirates (UAE) deposited $3 billion into the SBP’s accounts. Moreover, debt rollovers by China significantly contributed to supporting Pakistan’s foreign currency reserves.
Published in The Express Tribune, November 11th, 2023.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ