Karachi: The State Bank of Pakistan (SBP) has revealed that its liquid foreign exchange (forex) reserves have increased by USD 9 million, according to a news source. This data is accurate up to August 30, 2019.
This increase meant that the total reserves went up to USD 8.280 billion. This increase has been attributed to various tax amnesty schemes and to the measures introduced to facilitate the ease of doing business initiative in Pakistan. Previously, the reserves had improved due to financial aid packages offered by allies such as the UAE, Saudi Arabia, and China.
As per reports, overseas Pakistanis have also contribute significantly to the forex reserves of Pakistan through remittances. The government is taking measures to accommodate these overseas Pakistanis, so that the reserves improve further. These initiatives include simplifying bank procedures and facilitating the opening of foreign currency accounts. Such measures are expected to result in the contribution of over USD 30 billion in foreign remittances.
