Foreign exchange of Pakistan reserves rise to $16.4 billion

According to the statistics published on Thursday by the State Bank of Pakistan (SBP), the reserves kept by the central bank increased 2.39 percent per week.

On 23 April, SBP reserves kept in foreign currencies stood at $16,427.8 million up from $16,043.9 million over the previous week, up from $384 million.

No reason for the reserve increase was provided by the central bank.

Overall reserves kept by the nation of liquid foreign currency, including net reserves of non-SBP banks, stood at $23,520.2 million. Banks' net reserves were $ 7,092.4 million. Net reserves

By providing lucrative interest rates for lenders to develop foreign exchange reserves, Pakistan borrowed $2.5 billion from Eurobonds on March 30, 2021.

On July 9, 2019, Pakistan received the International Monetary Fund (IMFfirst )'s $991.4 million loans which contributed to the stabilization of reserves. The second loan tranche of about $454 million was released by the IMF in December 2019.

In addition, reserves saw China's inflows jump to $2.5 billion. In 2020, the SBP repaid Sukuk's maturity on foreign debt by more than $1 billion.

Due to influxes of multilateral lenders, including 1.3 billion from the Asian Development Bank, foreign exchange reserves exceeded $10 billion in December 2019 (ADB).