IMF Tranche Boosts Pakistan Forex Reserves to $8.27 Billion

[LRE-Azan]

IMF Tranche Boosts Pakistan Forex Reserves to $8.27 Billion

The State Bank of Pakistan (SBP) has reported a substantial increase in its foreign exchange reserves, witnessing a rise of $243 million within a week.

As per the data released by the central bank on Thursday, the reserves held by the SBP as of January 19 reached $8.27 billion, compared to $8.027 billion on January 12.

This notable increase is primarily attributed to the receipt of the second tranche of $705 million from the International Monetary Fund (IMF), a crucial component of the broader $3 billion Stand-By Arrangement (SBA) with Pakistan. Additionally, effective management of the government's external debt repayments by the central bank has contributed to this positive trend.

In a broader perspective, the total liquid foreign currency reserves of Pakistan, inclusive of reserves held by banks other than the SBP, reached $13.341 billion. This figure reflects an increase of $196 million compared to the previous week. However, it is noteworthy that the net reserves held by other banks experienced a slight decrease, falling by $47 million to a total of $5.071 billion.

These recent developments underscore Pakistan's adept financial management and active collaboration with international financial entities such as the IMF, contributing to the stability and growth of the country's foreign exchange reserves.

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