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July 17, 2019
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Pakistan foreign exchange reserves increase by $79.7m

KARACHI: The foreign exchange reserves held by the State Bank of Pakistan increased by $79.7 million to  $8,116.5 million.

According to data released by the State Bank of Pakistan (SBP) the reserves held by the central bank soar by 0.99 percent.

Earlier, the reserves had fallen below the $7-billion mark, which raised concern over Pakistan’s ability to meet its financing requirements.

The reserves increased on the back of financial assistance received from the United Arab Emirates (UAE) and Saudi Arabia.

On March 1, the foreign currency reserves held by the SBP were recorded at $8,116.5 million, up $79.7 million compared with $8,036.8 million in the previous week. The SBP cited no reason for the increase in its report.

Overall, the liquid foreign currency reserves, held by the country, including net reserves held by banks other than the SBP, stood at $14,956.2 million. Net reserves held by banks amounted to $6,839.7 million.

In November last year, Chinese Embassy Deputy Head of Mission Zhao Lijian assured Pakistan of a financial package to boost its foreign currency reserves, hinting that it would be bigger than that pledged by Saudi Arabia.

With the anticipated $2.5 billion in deposits agreed recently, China’s contribution in the current fiscal year alone will surge to $4.5 billion.