KARACHI: The foreign exchange reserves held by the State Bank of Pakistan increased by $79.7 million to $8,116.5 million.
According to data released by the State Bank of Pakistan (SBP) the reserves held by the central bank soar by 0.99 percent.
Earlier, the reserves had fallen below the $7-billion mark, which raised concern over Pakistan’s ability to meet its financing requirements.
The reserves increased on the back of financial assistance received from the United Arab Emirates (UAE) and Saudi Arabia.
On March 1, the foreign currency reserves held by the SBP were recorded at $8,116.5 million, up $79.7 million compared with $8,036.8 million in the previous week. The SBP cited no reason for the increase in its report.
Overall, the liquid foreign currency reserves, held by the country, including net reserves held by banks other than the SBP, stood at $14,956.2 million. Net reserves held by banks amounted to $6,839.7 million.
In November last year, Chinese Embassy Deputy Head of Mission Zhao Lijian assured Pakistan of a financial package to boost its foreign currency reserves, hinting that it would be bigger than that pledged by Saudi Arabia.
With the anticipated $2.5 billion in deposits agreed recently, China’s contribution in the current fiscal year alone will surge to $4.5 billion.
Dear TNT Reader,
At The News Tribe, our mission is to bring you free, independent, and unbiased news and content that keeps you informed and empowered. We are committed to upholding the highest standards of journalism, as we understand that we are a platform for truth.
Apart from independent global news coverage, we also commit our unique focus on the Muslim world. In an age marked by the troubling rise of Islamophobia and widespread misrepresentation of Muslims in Western media, we strive to provide accurate and fair coverage.
But to continue doing so, we need your support. Even a small donation of 1$ can make a big difference. Your contribution will help us maintain the quality of our news and counteract the negative narratives that are so prevalent.
Please consider donating today to ensure we can keep delivering the news that matters. Together, we can make a positive impact on the world, and work towards a more inclusive, informed global society.
Donate Monthly Subscription Annual Subscription
