Islamabad: The State Bank of Pakistan (SBP) shared that the foreign exchange reserves experienced a significant increase for the second consecutive week, according to news published on July 6.
As per the details, the SBP highlighted that as of June 30, its foreign currency reserves stood at USD 4.462 billion, reflecting a rise of USD 392 million in comparison to the previous week’s figure of USD 4.070 billion.
The overall liquid foreign currency reserves, including those held by banks other than the SBP, reached USD 9.744 billion, marking a USD 403 million rise compared to the previous week. Additionally, the net reserves held by banks stood at USD 5.282 billion, reflecting a USD 11 million increase during the week.
It is worth noting that Pakistan recently reached a staff-level agreement with the International Monetary Fund (IMF) on a USD 3 billion stand-by arrangement, and the IMF Executive Board is scheduled to meet on July 12 to approve the disbursement of an initial tranche of USD 1.1 billion under the arrangement.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
