Pakistan’s Forex Reserves Hike for Three Consecutive Weeks
Karachi: The State Bank of Pakistan (SBP) said on March 2 that Pakistan’s foreign currency (Forex) reserves have increased for a third straight week.
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According to the central bank, the SBP’s foreign exchange reserves on February 24 totaled USD 3.814 billion, up USD 556 million (or 17% ) from the USD 3.258 billion recorded on February 17.
Pakistan’s total liquid foreign exchange reserves, including net reserves held by commercial banks other than the SBP, climbed by USD 541.4 million over the previous week to USD 9.267 billion. The net reserves held by banks decreased by USD 14.2 million over the course of the week and now total USD 5.453 billion.
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The increase in foreign exchange reserves is a result of Pakistan receiving a recent commercial loan from the China Development Bank for USD 700 million.
The rise in reserves is encouraging for Pakistan’s economy since it stabilizes the foreign exchange market and creates a buffer against shocks from outside the nation. It is significant to remember that Pakistan is presently undergoing its ninth Extended Fund Facility (EFF) loan review from the International Monetary Fund (IMF).
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