Forex reserves increased to $8.9 billion

According to figures issued by the State Bank of Pakistan (SBP) on Thursday, the central bank’s foreign exchange reserves increased by 19.7% week over week.

The SBP’s foreign exchange holdings were valued at $8,912.9 million on October 28—an increase of $1,473 million from the $7,439.9 million figure on October 21. According to SBP, the $1,500 million that they received from ADB is what caused the increase.

The central bank announced in a statement that “SBP has received $1.5 billion from ADB in value on October 26, 2022, as disbursement of loan for the Government of Pakistan.” For the week ending October 28, 2022, “these proceeds will be reported in the SBP reserves,” it was said.

In all, the nation maintained $14,678.9 million in liquid foreign currency reserves, including net reserves held by banks other than the SBP. The total amount of net reserves held by banks was $5,766.0 million. The SBP received $1.166 billion from the IMF through the Extended Fund Facility during the week of September 2, 2022. (EFF). The SBP’s foreign exchange holdings were valued at $8.799 billion, an increase of $1.103 billion from $7.697 billion on August 26, 2022.

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