KARACHI: The State Bank of Pakistan (SBP) confirmation of receiving IMF’s loan tranche of 1.1 billion dollars has made a positive impact on the money market as the Pakistani rupee strengthened against the dollar in the interbank on Thursday.
The dollar shed Rs1.5 and was trading at Rs217.25 in the interbank market during intraday trade as of 10:10am.
In open market, the US dollar traded between Rs216 and Rs218.
On Wednesday, the State Bank of Pakistan received the $1.16 billion loan from the International Monetary Fund (IMF).
2/2 This will help improve SBP’s foreign exchange reserves and will also facilitate realization of other planned inflows from multilateral and bilateral sources.
— SBP (@StateBank_Pak) August 31, 2022
According to a statement issued by the SBP, the $1.16 billion loan, approved in the seventh and eighth reviews from IMF, has been received by the central bank.
“Today, #SBP has received proceeds of USD 1.16 billion (equivalent of SDR 894 million) after the IMF Executive Board completed the combined seventh and Eight review under the Extended Fund Facility (EFF) for Pakistan.” SBP said in a tweet on Wednesday.
