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Reserves of SBP Hit All-Time High of $20.15 billion

The foreign exchange reserves of the central bank of Pakistan climbed by 14.6% on a weekly basis, reaching an all-time high of $20.15 billion, according to data released by the State Bank of Pakistan (SBP).

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The SBP’s foreign currency reserves increased by $2,567 million from $17,578.9 million on August 20 to $20,145.6 million on August 27. The central bank received a general allocation of Special Drawing Rights (SDRs) of $2,751,8 million from the International Monetary Fund (IMF) on August 24, thereby increasing reserves to a record high.

Pakistan borrowed $2.5 billion using Eurobonds on March 30, 2021, in order to improve its foreign exchange reserves by offering competitive interest rates to lenders.

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The overall liquid foreign currency reserves of the country, including net reserves held by banks other than the SBP, amounted to $27,227,7 million. The total amount of banks’ net reserves was $7,082.1 million.

According to the central bank, reserves increased by $2,567 million to $20,145.6 million after accounting for external debt payments.

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