Foreign Reserves Crossed $18.8 Billion

SBP announced on Thursday that Pakistan’s total foreign-exchange liquid reserves crossed $18 billion mark at the end of the last week. The total liquid foreign exchange reserves of the country have reported a rise of $820 million over the last week ended July 3, 2020 backed by bulk foreign inflows.

Pakistan’s gross foreign-exchange liquid reserves rose to $18.79 billion level at the end of last week compared to $17.97 billion a week before. SBP’s foreign exchange reserves increased from $811 million to $12.042 billion during the week under analysis.

This increase in reserves was primarily attributed to proceeds of $1 billion as a loan disbursement from China by the Government of Pakistan. The SBP also made state external debt payments of $231.2 million over the week.

The SBP received more than $3 billion of official inflows during June 2020, including $737 million from the World Bank, $503 million from the Asian Development Bank, $500 million from the Asian Infrastructure Investment Bank, and $1.3 billion from China as the government of Pakistan’s loan disbursement.

The SBP reserves were upgraded to $12.042 billion at the end of last week after adding government foreign debt payments. Furthermore, at the end of last week deposits kept by commercial banks stood at $6,748 billion.

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