Foreign exchange reserves of State Bank of Pakistan (SBP) have
Foreign exchange reserves of State Bank of Pakistan (SBP) have been increased by $487 million to $4.301 billion by the week ended March 03, 2023, as compared with $3.814 billion a week ago, February 24, according to official data released on Thursday.
Foreign exchange reserves of State Bank of Pakistan (SBP) have been increased by $487 million to $4.301 billion by the week ended March 03, 2023, as compared with $3.814 billion a week ago, February 24, according to official data released on Thursday.
With this, the forex reserves have now reached a level providing more than one month of import cover to cash-strapped Pakistan, a report by pkrevenue stated.
With this, the forex reserves have now reached a level providing more than one month of import cover to cash-strapped Pakistan, a report by pkrevenue stated.
The bank attributed the increase in its forex reserves to inflows of a $500 million loan from China. The Industrial and Commercial Bank of China has approved the rollover of a $1.3 billion loan to Pakistan. This is in addition to the $700 billion that the bank had previously lent to the country.
The bank attributed the increase in its forex reserves to inflows of a $500 million loan from China. The Industrial and Commercial Bank of China has approved the rollover of a $1.3 billion loan to Pakistan. This is in addition to the $700 billion that the bank had previously lent to the country.
It is pertinent to note that a country’s central bank ideally should have a level of foreign exchange reserves equal to three-month of import cover
It is pertinent to note that a country’s central bank ideally should have a level of foreign exchange reserves equal to three-month of import cover
China comes to Pakistan’s rescue amid IMF delay
Pakistan expects to receive a $1.3 billion loan rollover from the Industrial and Commercial Bank of China, taking the total relief to $2 billion for the nation that is seen at risk of default.
China comes to Pakistan’s rescue amid IMF delay
Pakistan expects to receive a $1.3 billion loan rollover from the Industrial and Commercial Bank of China, taking the total relief to $2 billion for the nation that is seen at risk of default.
ICBC has approved the rollover of existing debt and actual inflows will happen in three tranches with $500 million in the next few days, Finance Minister Ishaq Dar said at a briefing in Islamabad Friday. The move follows a $700 million loan by China Development Bank earlier last week.
ICBC has approved the rollover of existing debt and actual inflows will happen in three tranches with $500 million in the next few days, Finance Minister Ishaq Dar said at a briefing in Islamabad Friday. The move follows a $700 million loan by China Development Bank earlier last week.
The funds will provide much-needed relief for the nation that has about $7 billion of repayments in the coming months. Pakistan’s dollar bonds due next year slid to the lowest since November on Thursday as investors remained concerned about its ability to make good on its payment obligations amid a dollar crunch.
The funds will provide much-needed relief for the nation that has about $7 billion of repayments in the coming months. Pakistan’s dollar bonds due next year slid to the lowest since November on Thursday as investors remained concerned about its ability to make good on its payment obligations amid a dollar crunch.
Authorities in Pakistan are relying on a bailout loan from the IMF to stave off a default, which has remained elusive so far. To win the lender’s support, the South Asian nation has increased taxes, raised energy prices, and allowed its currency to depreciate. It will raise electricity prices in the next 24 hours for next fiscal year, that is one of the two pending prior actions, Dar said without disclosing the second step.
Authorities in Pakistan are relying on a bailout loan from the IMF to stave off a default, which has remained elusive so far. To win the lender’s support, the South Asian nation has increased taxes, raised energy prices, and allowed its currency to depreciate. It will raise electricity prices in the next 24 hours for next fiscal year, that is one of the two pending prior actions, Dar said without disclosing the second step.
www.livemint.com