Pakistan’s forex reserves increase by $52 million

Pakistan’s forex reserves increase by $52 million

KARACHI: Pakistan’s foreign exchange reserves have increased by $52 million by week ended August 12, 2022, State Bank of Pakistan (SBP) said on Thursday.

The foreign exchange reserves of the country have recorded at $13.613 billion by week ended August 12, 2022 as compared with $13.561 billion a week ago i.e. August 05, 2022.

READ MORE: Pakistan’s reserves plunge 43-month low to $13.56 billion

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 $13.615 billion.

The official foreign exchange reserves of the State Bank witnessed an increase of $67 million to $7.897 billion by week ended August 12, 2022 as compared with $7.83 billion a week ago.

READ MORE: Pakistan’s foreign reserves dip to $14.21 billion

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 declined by $12.249 billion.

The country is hoping to receive a $1.17 billion tranche under Extended Fund Facility (EFF) from the International Monetary Fund (IMF). This will help Pakistan to boost its foreign exchange reserves.

READ MORE: Pakistan forex reserves deplete to $14.42 billion

A meeting of IMF executive board is likely by month-end to approve the tranche for the country.

However, foreign exchange reserves held by commercial banks slipped by $15 million to $5.716 billion by week ended August 12, 2022 when compared with $5.731 billion a week ago.

READ MORE: Pakistan’s forex reserves decline to $15.24 billion

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