State Bank's forex reserves soars post IMF deal
Business
SBP owned reserves rose by $4.2bn
KARACHI (Dunya News) – State Bank of Pakistan (SBP) has announced reserves level as of July 14, after the conclusion of IMF treaty and release of first tranche.
State Banks officials announced that after receiving the tranche SBP’s forex reserves hiked by $8.79bn and cumulatively reached $Rs.14bn.
Total liquid foreign #reserves held by the country stood at US$ 14.07 billion as of July 14, 2023.
— SBP (@StateBank_Pak) July 20, 2023
For details https://t.co/WpSgomnKT3#SBPReserves pic.twitter.com/V2taELWR1T
SBP’s foreign exchange reserves boosted after receiving aid from friendly countries such as Saudi Arabia, UAE and also from International Monetary Fund (IMF). Saudi Arabia provided $2bn, whereas UAE helped the country in forex crisis with $1bn. IMF has recently released the first tranche of $1.2bn out of $3bn approved extended loan facility for Pakistan.
SBP’s own reserves rose by $4.2bn, whereas the reserves held by commercial bank are around Rs.5.33bn
