Foreign exchange reserves held by the State Bank of Pakistan (SBP) recorded a week-on-week increase of 4% on March 14, according to data released by the SBP on Thursday.
The central bank’s foreign exchange reserves increased $185 million to $4.8 billion during the week.
Total liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $9.6 billion on March 14, up 2.9% from the figure reported for the week ended March 7.
Net foreign reserves held by banks amounted to $4.8 billion on March 14, which is 1.8% higher than the comparable figure reported a week earlier.
Pakistan recently received $1.5 billion as a ‘gift’ from Saudi Arabia, leading to a quick hike in the country’s foreign exchange reserves and a strengthening rupee.
Subject to the approval of the International Monetary Fund’s executive board, Pakistan is set to receive $550 million by the end of March, which will further increase foreign exchange reserves.
Published in The Express Tribune, March 21st, 2014.
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