Karachi: Pakistan’s foreign exchange reserves have hit a five-year high of USD 23.2 billion last week, a news source reported statistics quoted by the State Bank of Pakistan (SBP). In a statement, the SBP attributed this increase to receipt of proceeds of $2.5 billion against issuance of Pakistan euro bonds.
At the moment, the country’s forex reserves stand at USD 23.2 billion, the highest level since June 30, 2016. On a weekly basis, the reserves have increased by over 12% to reach PKR 2.5 billion from PKR 20.6 billion. The SBP’s reserves have increased by USD 2.5 billion week-on-week, from USD 13.5 billion last week to USD 16.1 billion. The SBP has said that these factors have labelled that contributed continued official and private inflows, appreciation in the exchange rate and a manageable current account has caused the forex reserves to grow.
The Executive Director at BMA Capital, Saad Hashemy called this an extremely positive development and accredited the government for this growth. The head of Research at Pak-Kuwait Investment Company, Samiullah Tariq, said money from international financial institutions had started to flow after the International Monetary Fund’s (IMF) staff agreement. He also highlighted that a large number of funds are coming through Roshan Digital Accounts.
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