In positive economic development, Pakistan Foreign Exchange reserves register massive increase

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In positive economic development, Pakistan Foreign Exchange reserves register massive increase

ISLAMABAD - In positive economic development, Pakistan Foreign Exchange reserves register massive increase.The foreign exchange reserves held by the State Bank of Pakistan witnessed an increase of three per cent during the week ending January 31, said an official statement.

According to the SBP statement, the reserved surged by $359 million to reach $12,273.7 million as compared to $11,912.5 million in the previous week.

The official announcement does not explain any reason behind the rise in the 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 increased to $18,644.5 million registering a rise of $282 million.

Currently, Pakistan is holding talks with the International Monetary Funds (IMF) over the third installments of the loan. The forex will witness further surge if the next tranches is approved by the global lander.

Earlier, Pakistan received the first installment of $991.4 million loan on July 9, 2019.

In December last year, the IMF issued the second installment of around $454 million, bolstering the foreign exchange reserves.