In a positive economic development, Pakistan Foreign Exchange Reserves hit $23 billion

Shares
In a positive economic development, Pakistan Foreign Exchange Reserves hit $23 billion

The foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by 1.13 percent during the week ending May 7, 2021, SBP data showed on Monday.

According to the central bank data, the foreign currency reserves held by the SBP were recorded at $15,774.5 million. This is $177 million up compared to $15,597.9 million recorded in the previous week.

According to a statement by the SBP, the increase in reserves was brought on by the official inflows of the government.

Overall liquid foreign currency reserves, including net reserves held by commercial banks other than the SBP, stood at $22,910.3 million.

Net reserves held by SBP and other banks were recorded at $7,135.8 million.

Part of these reserves can be traced back to the issuance of Eurobonds on March 30, 2021, which brought $2.5 billion. Furthermore, $2.5 billion was also received from China.

On the outflow side, the SBP successfully made foreign debt repayment of over $1 billion on the maturity of Sukuk in 2020.