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Central Bank Reserves Rise $4M to $13 Billion

Karachi: According to information provided by the State Bank of Pakistan, the foreign exchange reserves held by the government’s main bank increased by 0.03% on a weekly basis (SBP).

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On March 12, the SBP’s foreign exchange holdings were valued at $13,019.7 million, an increase of $4 million from the previous week’s figure of $13,016.1 million. The increase in reserves was not explained by the central bank.

The government has $20,159.1 million in total liquid foreign currency reserves, including net reserves held by institutions other than the SBP. The total amount of net reserves held by banks was $7,139.4 million.

On July 9, 2019, Pakistan received the first loan tranche from the International Monetary Fund (IMF), totaling $991.4 million, which boosted the reserves. The IMF released the second loan tranche, totaling about $454 million, before the end of December 2019.

The increase in reserves was also due to a $2.5 billion inflow from China. The SBP successfully repaid over $1 billion in foreign debt in 2020 on the maturity of Sukuk.

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Due to contributions from multilateral lenders, including $1.3 billion from the Asian Development Bank, the foreign exchange reserves reached the $10 billion threshold in December 2019. (ADB).

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