Forex reserves of Pakistan increased by nearly $2bn: SBP

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SBP monitoring foreign exchange

Karachi: The State Bank of Pakistan (SBP) issued a report on Thursday that stated that the foreign exchange reserves of Pakistan increased by nearly $2 billion as of June 24.

According to the weekly report on Pakistan’s forex reserves by the SBP, the net reserves held by the central bank increased from $8.2 billion on June 17 to $10.3 billion on June 24.

During the same week, however, the net reserves held by commercial banks declined by $86 million and reached $5.886 billion compared to June 17’s $5.972 billion.

Cumulatively, the total forex reserves held by Pakistan were recorded at $16.19 billion as of June 24, compared to $14.21 billion on June 17.

Forex reserves of Pakistan
Forex reserves of Pakistan. Source: SBP

Read: Foreign exchange reserves of Pakistan drop by $233 million: SBP

After a long period of decrease due to scheduled servicing of the country’s external debt and funding of the current account deficit, a jump in the foreign exchange reserves was finally observed.

Read: Pakistan’s Current Account Deficit records at $1.43B in May 2022

It is also pertinent to mention that Pakistan received $2.3 billion in loans from a Chinese consortium of Banks on June 24, which proved to be a great help to the depleting forex reserves.

Read: $2.3b received from Chinese banks

At the same time, the government is also hoping to get the deal done with the IMF. If the deal is sealed with the Fund, then Pakistan would receive some $2 billion from the IMF under the 7th and 8th review of the Extended Fund Facility (EFF) program next month.

Read: Petrol price raised by Rs14.85/litre

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