Karachi: The State Bank of Pakistan’s (SBP) foreign exchange reserves recently registered an increase of 4.73% within a week’s timeframe — with the reserves seen to rise by USD 567 million to USD 12.542 billion by July 30, a news source reported on August 7.
According to the information shared by the central bank, the recorded increase is a result of an inflow of funds from international agencies, including a USD 505.5 million loan by the World Bank. Now, the country’s total foreign exchange reserves have been recorded as USD 19.562 billion, with the other banks holding about USD 7.02 billion in reserves.
Additionally, the reserves were supplemented by the International Monetary Fund (IMF)’s provision of its first loan tranche worth USD 991.4 million last year. Later, a second tranche worth USD 454 million was provided in order to help Pakistan shore up its reserves. Moreover, the reserves have also recorded an increase due to the inflow of funds worth USD 2.5 billion from China.
