The SBP has made payments of $207 million from its reserves in terms of external debt servicing and other official payments. PHOTO: FILE
The foreign exchange reserves of the country stood at $12.044 billion in the previous week, recording a 3.7% increase.
Forex reserves held by the SBP climbed by $300 million to $8.320 billion as compared to $8.020 billion a week earlier. The increase in the SBP’s reserves is mainly attributed to inflows of $507 million from multilateral, bilateral, and other official sources.
Meanwhile, IMF Pakistan's official Twitter account pointed towards the rise in forex reserves as a 'healthy' sign for the economy.
SBP reserves now almost US$9 billion up from US$3 billion. Another step to a healthy economy. Critics thought IMF program wouldn't work. :)
— IMF Pakistan (@imf_pakistan) May 22, 2014
The SBP has made payments of $207 million from its reserves in terms of external debt servicing and other official payments, including a $148 million payment to the International Monetary Fund (IMF) under the Stand-by Arrangement Programme.
A month ago, the central bank’s reserves received a major bump due to receipts of $2 billion from the issue of sovereign bonds in the international capital market and $139 million from the Islamic Development Bank.
Total liquid foreign reserves held by the country, including net foreign reserves held by banks other than the SBP, stood at $13.132 billion while net foreign reserves held by banks amounted to $4.812 billion on May 16.
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