Pakistan’s foreign exchange reserves surpass USD 22 billion after 4 years, boosted by Panda Bond sales and IMF tranche.
In its weekly announcement, the bank said the foreign exchange reserves have increased by USD 1.214 billion.
The mark was reached after the clearance of some external debt payments last week, it said.
“This month’s proceeds of the Panda Bond sales and transfer of the International Monetary Fund programme tranche are reflected in the new foreign exchange reserves,” the bank said.
The bank said it presently has USD 17.081 billion in its foreign exchange reserves, while commercial banks held deposits of USD 5.5075 billion after an increase of USD 38.2 million in their deposits.
“In total, US dollar reserves have increased by USD 1.2522 billion in the country and Pakistan’s total foreign exchanges are now USD 22.5885 billion,” it said.
Last month, Pakistan repaid a USD 3.45 billion deposit to the United Arab Emirates after the UAE government refused to extend the facility term.
Pakistan’s foreign exchange reserves got a boost earlier in April when Saudi Arabia deposited USD 3 billion with the State Bank after an agreement, which also extended a USD 5 billion deposit by Saudi Arabia for a further three years.
Pakistan’s foreign exchange position, though under pressure, remains part of a broader stabilisation effort under the IMF-supported reforms.
money.rediff.com