Inside Financial Markets
Foreign exchange: SBP reserves rise $378Mn to $13.7Bn - Inside Financial Markets

Foreign exchange: SBP reserves rise $378Mn to $13.7Bn

– Tribune

The foreign exchange reserves held by the central bank rose 2.84% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.

On March 26, the foreign currency reserves held by the SBP were recorded at $13,673 million, up $378 million compared with $13,295 million in the previous week.

“SBP received $498.7 million from IMF under EFF program during the week ended March 26, 2021,” it said. “After accounting for external debt repayments, SBP reserves increased by $378 million.”

Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $20,836.4 million. Net reserves held by banks amounted to $7,163.4 million.

Pakistan received the first loan tranche of $991.4 million from the International Monetary Fund (IMF) on July 9, 2019, which helped bolster the reserves. In late December 2019, the IMF released the second loan tranche of around $454 million.

The reserves also jumped on account of $2.5 billion in inflows from China. In 2020, the SBP successfully made foreign debt repayment of over $1 billion on the maturity of Sukuk.

In December 2019, the foreign exchange reserves surpassed the $10 billion mark owing to inflows from multilateral lenders including $1.3 billion from the Asian Development Bank (ADB).

Syed Zaki Hussain

Add comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

The Canadian Securities Institute

CANADIAN SECURITIES COURSE - Inside Financial Markets

CSI is part of Moody's Analytics Learning Solutions, which offers educational programs and credentials throughout the world.

Email Newsletter

Subscribe to receive inspiration, news, and ideas in your inbox.

Inside Financial Markets was a joint publication of Pakistan Stock Exchange (PSX)and Society of Technical Analysts Pakistan (STAP)