Pakistan Foreign reserves surge to $18 billion mark

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Forex reserve

Pakistan foreign exchange reserves surged to $18.01 billion with the fresh inflows of $582 million from various global agencies by the end of 2019.According to state bank of Pakistan’s (SBP) weekly report issued on Thursday, Pakistan’s total liquid exchange reserves increased by $ 486 million to $18.081 billion as on December 27, 2019 compared to $17.595 billion as on December 20, 2019.

Under Extend Fund Facility program the country received bilateral and multilateral inflows of $582 million–including proceeds of $452.4 million received from the IMF .This increase is attributed to bilateral and multilateral inflows including proceeds of $ 452.4 million received from International fund (IMF) under EFF program. Net foreign reserves held by commercial banks slightly declined by $96 million to $6,687.9 billion.

Under Extend Fund Facility program the country received bilateral and multilateral inflows of $582 million–including proceeds of $452.4 million received from the IMF .This increase is attributed to bilateral and multilateral inflows including proceeds of $ 452.4 million received from International fund (IMF) under EFF program. Net foreign reserves held by commercial banks slightly declined by $96 million to $6,687.9 billion.

SBP’s reserves mounted up by $ 582 million to $11.489 billion, Under review during this week.
The exchange reserves held by commercial banks stand at $6.592 billion. The commercial banks are slightly reducing as Dollar’s investors are offloading their savings in the open markets. The trend may continue in the next few weeks passing on its healthy benefits to the economy.

Because of attractive profit rates and tax-friendly incentives, the investment in the government’s debt securities might also attract more reserves within the future.

The rupee is probably going to further gain stability in its value against Dollar, which also impacts positively on the imports’ bill of the country.

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