SBP foreign exchange reserves jump $14m to $10.9b.

KARACHI -- The foreign exchange reserves held by the central bank increased 0.13% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.

Earlier, the reserves had spiralled downwards, falling below the $7-billion mark, which raised concern over Pakistan's ability to meet its financing requirements. However, financial assistance from the United Arab Emirates (UAE), Saudi Arabia and other friendly nations helped shore up the foreign exchange reserves.

On December 23, the foreign currency reserves held by the SBP were recorded at $10,907.3 million, up $14 million compared with $10,892.9 million in the previous week.

The central bank also received inflows worth $452.4 million from the International Monetary Fund (IMF) as second tranche under the Extended Fund Facility (EFF) programme on December 23, 2019. 'These funds will be part of the SBP weekly reserves data as of December 27, 2019, to be released on...

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT