The foreign exchange reserves held by the central bank remained static, according to the State Bank of Pakistan (SBP) released data on Thursday.

The total sum of the foreign currency reserves held by the State Bank of Pakistan was reported to be $20,022.7 million on September 10.

Net liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP which is $7,042.2 million, stood at $27064.9 million.

Earlier in the week ended on August 27, the foreign exchange reserves held by the central bank reached an all-time high mark of $20.15 billion after Pakistan received a general allocation of Special Drawing Rights (SDRs) worth $2,751.8 million from the International Monetary Fund (IMF) on August 24.

On March 30, 2021, Pakistan borrowed $2.5 billion through Eurobonds by offering lucrative interest rates to lenders aimed at building foreign exchange reserves.

It received the first loan tranche of $991.4 million from the IMF on July 9, 2019, which helped bolster the reserves. In late December 2019, the IMF released the second loan tranche of around $454 million.

The reserves also surged because of $2.5 billion in inflows from China. In 2020, the SBP successfully repaid foreign debts of over $1 billion on the maturity of Sukuk.

In December 2019, the forex crossed the $10 billion mark owing to inflows from different lenders including $1.3 billion from the Asian Development Bank (ADB).

News Desk
The story was filed by the News Desk. The Desk can be reached at info@thecorrespondent.com.pk.

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