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SBP foreign reserves rise $2.6bn to $16.1bn

KARACHI: The State Bank of Pakistan’s (SBP) foreign exchange reserves increased by US$2,579 million and were recorded at $16,106 million during the week ending on April 9.

According to the data released by the central bank, net reserves held by the SBP stood at $16,106.4 million.

Net reserves held by commercial banks amounted to $7,113 million. Overall liquid foreign reserves held by the country stood at US$ 23.220 million as of April 9, 2021.

The central bank attributed the rise to the receipt of proceeds of $2.5 billion against the issuance of Eurobonds.

Pakistan on March 30 received $498.7 mn as a third tranche of the $6 billion Extended Fund Facility from the International Monetary Fund (IMF).

Read More: Pakistan, IMF reach staff-level agreement to pave way for release of $500mn tranche

In a message posted on its Twitter account, the SBP said that it had received an IMF tranche of US$ 498.7 million (equivalent to SDR 350 million) under the Extended Fund Facility.

The International Monetary Fund (IMF) on March 25 had approved the release of the next loan tranche of around $500 million for Pakistan.

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