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SBP Reserves Rise $13m to $16.1b

The foreign exchange reserves held by the central bank increased by 0.08% on a weekly basis, according to figures from the State Bank of Pakistan released in Karachi (SBP).

On June 25, the SBP’s foreign currency reserves were recorded at $16,119.4 million, up $13 million from the previous day’s total of $16,106.1 million.

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The country’s total liquid foreign currency reserves, comprising net reserves held by banks other than the SBP, amounted to $23,297,4 million. The total amount of banks’ net reserves was $7,178 million. On March 30, 2021, Pakistan borrowed $2.5 billion using Eurobonds by offering attractive interest rates to lenders in an effort to enhance its foreign exchange reserves.

On July 9, 2019, Pakistan got a first loan tranche of $991.4 million from the IMF, which helped to build the reserves. Late in the month of December in 2019, the IMF released the second loan tranche of around $454 million.

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China’s inflows of $2.5 billion also contributed to the surge in reserves. In 2020, the SBP successfully repaid over $1 billion in foreign debt at the maturity of Sukuk.

The foreign exchange reserves topped $10 billion in December 2019 as a result of inflows from multilateral lenders, including $1.3 billion from the ADB.

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