SBP reserves rise $1.9bn to $12bn

KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $1,181 million to $12,070.3 million during the week ending April 24, 2020, according to data released by the central bank on Thursday.

This sharp increase from the $10,889.2 million recorded during the previous week can be mainly attributed to the $1.39 billion received from the IMF.

During the week ending April 24, the SBP received $1.39 billion from the IMF under the Rapid Financing Instrument (RFI) to address the economic impact of the Covid-19 shock.

The central bank had previously announced the IMF funds would be part of SBP weekly reserves data as of April 24.

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However, the SBP had also made government external debt repayments amounting to $234 million.

Net foreign reserves held by commercial banks, decreased marginally, from $6,411.1 million to $6,392.7 million.

The total liquid foreign reserves held by the country rose from $17,300.3 million in the last week to 18,463.0 million during the week under review.

SBP reserves had momentarily risen by $252 million to $10,974.6 million during the week ending April 10, 2020. This was the first time reserves had risen since March 13.

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Meiryum Ali
Meiryum Ali
The author is a member of the staff and can be reached at [email protected]


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