KARACHI: Pakistan foreign exchange reserves have increased by $1.527 billion to $14.69 billion by week ended October 28, 2022 after transfer of funds from Asian Development Bank (ADB).
The country’s foreign exchange reserves increased to $14.689 billion by week ended October 28, 2022 as compared with $13.162 billion a week ago i.e. October 21, 2022, State Bank of Pakistan (SBP) said on Thursday.
READ MORE: SBP’s weekly forex reserves dip by $157 million to $7.44 billion
The ADB released the fund amounting $1.5 billion to Pakistan on October 26, 2022.
The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $12.539 billion.
The official foreign exchange reserves of the State Bank also increased by $1.473 billion to $8.913 billion by week ended October 28, 2022 when compared with $7.44 billion a week ago.
READ MORE: Pakistan’s weekly forex reserves increase nominally
The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since then the official reserves of the SBP dropped by $11.233 billion.
READ MORE: Pakistan’s forex reserves continue to fall; deplete to $13.25 billion
Previously, the central bank received $1.16 billion from the International Monetary Fund (IMF) under Extended Fund Facility (EFF) program, which increased the official reserves to $8.8 billion. But scheduled repayment gradually depleted the official reserves of the central bank.
READ MORE: Pakistan’s forex reserves decline to $13.59 billion
The foreign exchange held by commercial banks witnessed an increase of $44 million to $5.766 billion by week ended October 28, 2022 as against $5.722 billion a week ago.
