- Pakistan’s foreign exchange reserves rise to $9.83 billion.
- State Bank of Pakistan reports an increase of $60 million in reserves.
- Deposits of $2 billion from Saudi Arabia and $1 billion from the UAE contribute to the improved reserves.
Pakistan’s foreign exchange reserves have witnessed a significant improvement following the release of anticipated bailout funds from the International Monetary Fund (IMF) and substantial deposits from friendly nations.
The State Bank of Pakistan (SBP) announced that the country’s foreign exchange reserves have surged to $9.83 billion. According to data shared by the central bank, reserves increased by $60 million within a week to reach $4.52 billion, while the total liquid foreign reserves stood at $9.83 billion, including $5.31 billion in net foreign reserves held by commercial banks.
This rise in foreign reserves can be attributed to a $2 billion deposit from Saudi Arabia and an additional $1 billion received from the United Arab Emirates (UAE).
Earlier, Pakistan’s foreign exchange reserves had dipped below Rs3 billion due to external debt payments, prompting the government to implement new tax measures and reach an agreement with a US-based lender.
Amid positive economic developments, Finance Minister Ishaq Dar expressed optimism that the forex reserves could reach $15 billion, with hopes for funding from the Geneva Donor Conference. He also highlighted the potential contributions from the World Bank (WB), Islamic Development Bank (IDB), and Asian Infrastructure Investment Bank (AIIB).
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