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State Bank of Pakistan Receives $2.75 billion from IMF

Karachi: According to the central bank, Pakistan has received $2.75 billion from the International Monetary Fund (IMF) under its revised disbursements for member nations to combat Covid-19 issues.

Read: Islamic Development Bank Award for Seed Out for Its Impactful Achievement in Islamic Economics

The newest reception is anticipated to increase the nation’s foreign currency reserves to a record $20.4 billion.

The Washington-based international lender released the funds to Islamabad as part of its record $650 billion investment for developing and developed member nations.

On Monday, the Pakistani rupee reached a 10-month low of Rs 164.43 against the US dollar on the interbank market.

According to figures from the central bank, the rupee has depreciated by 6.39 percent in the current fiscal year (starting July 1) and 7.98 percent since reaching a 22-month high of Rs 152.27 in May.

Read: Cabinet to Decide Fate of Islamabad’s E-11 Sector Today

Pakistan’s foreign exchange reserves have been on the rise for the past two years due to a significant influx of workers’ remittances, an increase in export revenues, and an increase in investment by non-resident Pakistanis in assets in the country via the Roshan Digital Accounts (RDAs).

The State Bank of Pakistan (SBP) forecasts that the current account deficit would rise to 2% to 3% of GDP in the current fiscal year 2021-22, from a 10-year low of 0.6% of GDP in the prior fiscal year 2020-21.

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