SBP’s foreign exchange reserves increase 7.2pc in a week

The increase in foreign reserves is mainly due to proceeds of $1 billion loan from China

Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased 7.2 per cent on a week on week basis, according to data released by the central bank on Thursday.

Foreign currency reserves held by SBP as on July 3, stood at $12.041 billion recording an increase of $0.811 billion compared to foreign reserves of $11.231 billion recorded in the previous week.

As per the central bank, the increase in reserves is due to proceeds of $1 billion loan from China. SBP further stated that it had also made the government’s external debt payments of $231.2 million during the week.

Net reserves held by banks other than SBP amounted to $6.748 billion which takes the country’s total liquid foreign currency reserves to $18.79 billion.

Previously, the SBP also received $$737 million from the World Bank, $500 million from Asian Development Bank, $500 million from the Asian Infrastructure Investment Bank and $300 million from China.

 

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