Karachi: The State Bank of Pakistan (SBP) on Thursday (September 1) posted the highest FOREX reserves of USD 8.85 billion in two months, news sources reported. The reserves reached a new high on August 29 with the receipt of USD 1.16 billion from the International Monetary Fund (IMF).
According to a statement released by the central bank’s Twitter handle, reserves are at their highest level since June, as the government received much-needed financial reserves from overseas lenders. As per the information shared, the country’s currency reserves have fallen by 61.6% in the recent year. Total reserves fell from USD 20.073 billion in August 2021 to USD 7.697 billion this August. According to the SBP, the PKR lost 31% of its value versus the dollar during the same period, resulting in limited market activity and a rise in interest rates to a 14-year high of 15%.
It is worth noting that Pakistan recently received USD 1.16 billion from the IMF under the Extended Fund Facility (EFF). The loan duration has been extended to June 2023 under the programme, and the loan amount has been increased to USD 6.5 billion in total for economic support of the country.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
