Pakistan's Foreign Exchange Reserves Rise $1.61b to $17.34b

According to the data released by the State Bank of Pakistan SBP, the foreign exchange reserves held by the central bank surged 10.23% on a weekly basis on Thursday.

On February 4, the foreign currency reserves held by the SBP were recorded at $17,336.8 million, up $1,609 million compared with $15,727.6 million on January 28.

As per the central bank, the increase came due to the receipt of $1,053 million from the International Monetary Fund (IMF) under the Extended Fund Facility (EFF) programme and proceeds against Pakistan International Sukuk Bond issuance of $1,000 million.

“After accounting for external debt and other payments, SBP reserves increased by $1,609 million to $17,336.8 million,” it said.

Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $23,720.9 million. Net reserves held by banks amounted to $6,384.1 million.