With $9.3 billion foreign remittances, Pakistan foreign exchange reserves register another significant increase

Shares
With $9.3 billion foreign remittances, Pakistan foreign exchange reserves register another significant increase

KARACHI: With $9.3 billion foreign remittances, Pakistan foreign exchange reserves register another significant increase.

Foreign exchange inflows continue to surge as workers’ remittance by overseas Pakistanis have been recorded at US dollar 1.81 billion, an increase of 9.4% in November 2019 compared to the same period last year.

Finance Division Spokesperson Omar Hamid Khan took to Twitter saying remittances in five months of FY 2019-20 have reached 9.3 billion dollars.

The State Bank of Pakistan (SBP) on Tuesday received $1.3 billion from the Asian Development Bank (ADB) under the budget support fund.

SBP on its official twitter handle confirmed the transfer of the loan amount to Pakistan.

The ADB has reaffirmed its commitment to continue supporting Pakistan on the economic front.

Yesterday, Pakistan and the Asian Development Bank (ADB) had signed a loan agreement of $1.2 billion in Islamabad.