SBP Reserves Increase by $275 Million in A Week
According to information provided by the State Bank of Pakistan, the total amount of liquid foreign currency reserves held by the central bank increased week over week by 1.37 percent (SBP).
With only a slight gain of $0.2 million, the net reserves with other banks stayed at the same level as the previous week, rising from $7,139.4 million on March 12 to $7,139.6 million on March 19.
The total amount of liquid foreign currency reserves held by the nation, including net reserves held by banks other than the SBP, was $20,434.6 million, up from $20,159 million the week prior by the same amount as net reserves with the SBP.
Read More: SBP Amends Regulations to Aid The Housing Sector
The SBP reserves are likely to increase over the next few days as Pakistan anticipates receiving the $500 million loan tranche from the International Monetary Fund (IMF) in the near future.
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SBP modifies rules to benefit the housing industry
According to a news source, the State Bank of Pakistan (SBP) has changed a number of policies to encourage banks and other financial institutions to invest in real estate investment trusts (REITs).
The State Bank of Pakistan has been taking the proper actions to encourage financial institutions to invest in the appropriate sectors because the central bank wants to make it easier for the government to achieve its goal of developing the housing and building sector.
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The statement claims that changes have been made to a number of aspects of the current Prudential Rules for Corporate & Commercial Banking.
The involvement of REITs, asset management firms that can raise money from the public and other institutions by floating different types of funds, received particular attention.
Also, the SBP has loosened limits on borrowing money against shares of publicly traded companies, which will help investors increase their liquidity for future investments in other projects.
There will be proof of economy and openness, and the sponsors of enterprises for listing on the stock exchange will also receive a benefit.
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