KARACHI: Data released by the State Bank of Pakistan on Thursday showed a bit of relief for the country’s economy.
According to data, the central bank’s foreign exchange reserves went up by 12.7% from the previous week to $4.3 billion.
On March 3, 2023, the SBP’s foreign currency reserves were worth $4,301 million. This was $487 million more than on February 24, when they were worth $3,814.1 million.
The foreign exchange reserves went up because China gave Pakistan a commercial loan of $500 million. This is what the central bank said.
Overall, the liquid foreign currency reserves held by the country, including the net reserves held by banks other than the SBP, stood at $9,754 million. The amount of net reserves that banks had was $5,453,000,000.
Ismail Iqbal Securities Head of Research Fahad Rauf recently said, “Further improvement in foreign currency reserves depended on the revival of the International Monetary Fund’s (IMF) loan programme and the inflow of fresh financing from other multilateral and bilateral creditors.
