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Pakistan’s foreign reserves rise by $45m: SBP

SAMAA | - Posted: Nov 21, 2019 | Last Updated: 3 months ago
Posted: Nov 21, 2019 | Last Updated: 3 months ago
Pakistan’s foreign reserves rise by $45m: SBP

Pakistan’s foreign reserves rose by $45 million by the end of last week, the State Bank of Pakistan said Thursday.

During the week ending on November 15, the SBP said its reserves increased to $8,442.1 million, recording an increase of $45 million.

Currently, the net foreign reserves held by commercial banks stand at $7,020.2 million, the central bank said.

The country has a total of $15,462.3 million in liquid foreign reserves, it added.

Pakistan is likely to get a second tranche of $4.5 million from the International Monetary Fund soon. It would further strengthen the country’s foreign exchange reserves.

On July 3, the IMF’s Executive Board approved a 39-month arrangement under its Extended Fund Facility for Pakistan, in order to support the government’s economic reform programme.

Pakistan received the first IMF payment of $991.4 million on July 10. It would get the remaining $5 billion in installments over the next three years.

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