What Happened: The foreign exchange reserves held by the central bank rose 0.08% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. Details : Data released on June 25 showed that the foreign reserves held by the State Bank of Pakistan (SBP) were at $16,119.4 million. This reflected an increase of $13 million when compared with $16,106.1 million recorded on June 18. Overall liquid foreign currency reserves held by the country stand at $23,297.4 million, including net reserves held by commercial banks. Net reserves held by banks amounted to $7,178 million. Pakistan loaned $2.5 billion on March 30, 2021 through Eurobonds by offering lucrative interest rates to lenders aimed at building the foreign exchange reserves. Pakistan received the first loan of $991.4 million from the International Monetary Fund (IMF) on July 9, 2019, which helped increase the reserves. In late December 2019, the IMF released the second loan of around $454 million. The reserves also jumped on account of $2.5 billion in inflows from China. In 2020, the SBP successfully made foreign debt repayment of over $1 billion on the maturity of Sukuk. In December 2019, the foreign exchange reserves increased more than the $10 billion mark owing to inflows from several lenders including $1.3 billion from the Asian Development Bank (ADB). Click here to see more from Propergaanda.
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