The foreign exchange reserves held by the central bank rose 1.7% on a weekly basis, asper the data released by the State Bank of Pakistan (SBP) on Thursday.
On May 28, the foreign currency reserves held by the SBP were recorded at $16,133.6 million, up $272 million compared with $15,862 million recorded on May 21.
As per the central bank, the rise came on the back of official inflows of the government of Pakistan.
All liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $23,294.1 million. Net reserves held by banks amounted to $7,160.5 million.
Pakistan borrowed $2.5 billion through Eurobonds on March 30, 2021 by offering lucrative interest rates to lenders aimed at building the foreign exchange reserves.
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.