Pakistan’s foreign exchange reserves reach to $9.83 bn: SBP

KARACHI: The foreign exchange reserves of Pakistan have reached $9.83 billion, ARY News reported, quoting the central bank.

According to the State Bank of Pakistan (SBP), the SBP’s reserves increased by $60 million in one week to $4.52 billion” the central bank said in a statement.

Meanwhile, the total liquid foreign reserves held by the country stood at $9.83 billion, whereas net foreign reserves with commercial banks stood at $5.31 billion.

Pakistan’s foreign reserves had increased after a $2bn deposit made by Saudi Arabia and another $1bn received from the United Arab Emirates (UAE).

Read more: Pakistan receives first tranche of $1.2bln from IMF

Earlier today, Pakistan received the first tranche of $1.2 billion from the International Monetary Fund (IMF) under the SBA program.

The International Monetary Fund (IMF) on Wednesday night approved a $3 billion loan for Pakistan after signing the staff-level agreement last month.

Finance Minister Ishaq Dar said Prime Minister Shehbaz Sharif played a pivotal role in reaching the deal with the IMF, Ishaq Dar said the economic team had extended full support to him during the complicated process.

The country was gaining on the move towards development, said the finance minister who stressed that everyone would have to contribute to continuing the journey.