Pakistan’s Forex reserves move upward, says State Bank

KARACHI: Pakistan’s foreign exchange reserves have registered substantial raise as overall reserves reached to US$14.584 billion in the week ended on December 14 following one billion dollar inflow received from Saudi Arabia, the State Bank of Pakistan said in a statement.

The foreign currency reserves with the central bank reached to $8.04 billion from earlier $7.260 billion.

The central bank statement said, “SBP received inflows of $1 billion from Saudi Arabia. After taking into account outflows relating to external debt and other official payments, SBP reserves increased by $788 million during the week.”

The foreign currency reserves held by commercial banks rose to $6.536 billion from $6.493 billion in the previous week.

Foreign Minister Asad Umar has in a statement said that the forex reserves have rose by 12.5 pct, while the remittances also showing an upward trend.

It is pertinent to mention here that United Arab Emirates (UAE) has also announced to deposit US$3 billion in coming days Pakistan’s central bank to address Pakistan’s balance of payment crisis.

The Abu Dhabi Fund for Development in a statement said today that it will deposit the amount to enhance liquidity and monetary reserves of foreign currency at the Bank.

The Saudi Kingdom had also agreed to provide Islamabad a one year deferred payment facility for import of oil, worth up to another three billion dollars.

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