KARACHI: The State Bank of Pakistan’s foreign exchange reserves have increased $1.47 billion on a weekly basis, hitting $8.91 billion as of October 28, 2022, according to data released on Thursday.
Total liquid foreign reserves held by the country stood at $14.68 billion. Net foreign reserves held by commercial banks clocked in at $5.77 billion.
“During the week ended on 28-Oct-2022, SBP’s reserves increased by US$ 1,473 million to US$ 8,912.9 million. This increase is attributed to the receipt of US$ 1,500 million from Asian Development Bank (ADB),” said the SBP.
The SBP received $1.5 billion from ADB on October 26, 2022 as disbursement of loan for the government of Pakistan.
SBP’s reserves increased in September as a result of the central bank receiving the $1.2 billion tranche from the IMF (IMF).
Additionally, the Saudi Development Fund extended a $3 billion deposit with the SBP that was scheduled to expire in December 2022. However, as the money was already a part of SBP’s reserves, this move was not intended to increase foreign exchange.
The reserves’ position is critical for Pakistan which has been desperately seeking dollar inflows to meet its balance-of-payments needs.
