ISLAMABAD – In positive economic development, Pakistan Foreign Exchangereserves register massive increase.The foreign exchange reserves held bythe State Bank of Pakistan witnessed an increase of three per cent duringthe week ending January 31, said an official statement.
According to the SBP statement, the reserved surged by $359 million toreach $12,273.7 million as compared to $11,912.5 million in the previousweek.
The official announcement does not explain any reason behind the rise inthe foreign reserves.
The reserves held by banks other than the SBP stood at $6,370.8 million.
As a whole, Pakistan’s reserves held by the SBP and other banks increasedto $18,644.5 million registering a rise of $282 million.
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Currently, Pakistan is holding talks with the International Monetary Funds(IMF) over the third installments of the loan. The forex will witnessfurther surge if the next tranches is approved by the global lander.
Earlier, Pakistan received the first installment of $991.4 million loan onJuly 9, 2019.
In December last year, the IMF issued the second installment of around $454million, bolstering the foreign exchange reserves.
