Friday November 04, 2022

Pakistan’s Foreign Exchange Reserves Surge to 15-Week High

KARACHI: Pakistan’s foreign exchange reserves held by the State Bank of Pakistan (SBP) soared by nearly 20% — to a 15-week high — surpassing the crucial threshold of $8 billion.

On October 28, the foreign currency reserves held by the SBP were recorded at $8,912.9 million, down by $157 million compared with $7,439.9 million on October 21, data released by SBP showed on Thursday.

SBP has received $1.5 billion from the Asian Development Bank (ADB) as a disbursement of loans for the Government of Pakistan.

Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $14,678.9 million.

Net reserves held by banks amounted to $5,766 million. The central bank cited the receipt of $1,500 million from the ADB.

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