Pakistan’s FX reserves increase by $1.07bn after IMF inflows

Pakistan’s FX reserves increase by $1.07bn after IMF inflows

KARACHI: Pakistan’s foreign exchange reserves have increased by $1.07 billion after the country received inflows from International Monetary Fund (IMF), a statement said on Thursday.

The foreign exchange reserves of Pakistan increased to $14.473 billion by week ended September 02, 2022 as compared with reserves position of $13.403 billion a week ago i.e. August 26, 2022.

READ MORE: Pakistan FX reserves drop to $13.4 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 $12.755 billion.

The official reserves of State Bank of Pakistan (SBP) also recorded an increase of $1.103 billion to $8.8 billion by week ended September 02, 2022 as compared with $7.697 billion a week ago.

READ MORE: Pakistan’s forex reserves fall to $13.52 billion

During the week ended, SBP received US$ 1,166 million from IMF under EFF program. After accounting for external debt and other payments, SBP reserves increased by US$ 1,103 million to US$ 8,799.9 million.

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 $11.346 billion.

READ MORE: Pakistan’s forex reserves increase by $52 million

Previously, the SBP stated that it had received proceeds of $1.16 billion (equivalent of SDR 894 million) from IMF under the Extended Fund Facility (EFF) on August 31, 2022 which would be included in SBP’s foreign exchange reserve position for the week ending on September 02, 2022.

The foreign exchange reserves held by commercial banks fell by $33 million to $5.673 billion by week ended September 02, 2022 as compared with $5.706 billion a week ago.

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

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