Pakistan’s Foreign Exchange Reserves Break All Historic Records

Business

Pakistan’s foreign exchange reserves reached an all-time high level of $25.3 billion.

According to the State Bank of Pakistan (SBP), with the fresh inflows of $1 billion investment from the Eurobond, the country’s foreign exchange reserves have surged up to over $25 billion.

 


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SBP has received $1 billion proceeds from the government’s tap offering of its recently issued Eurobond.  Accordingly, SBP’s FX reserves, as of 13 July 2021, have reached $18.2 billion, which is the highest level since January 2017.

Last week, the foreign exchange of Pakistan witnessed handsome inflows as the country received separate tranches of loans, including $1 billion from China and $440 million from the World Bank.

Since April, the government has been making all-out efforts to take the country’s foreign exchange reserves to $25 billion by June this year through inflows of foreign loans and the realization of foreign bonds.

The consistent inflows of foreign exchange provided a comfortable position to the reserve level, which will positively reflect on the macroeconomic indicators of the economy.


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Experts also expect that inflows of remittances and export receipts might close the year in surplus to make a historical record.

Previously, the foreign exchange level surged to the mark of $24.4 billion in October 2016.

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