SBP reserves jump to $4.43b after commercial loan from China
- By Web Desk -
- Apr 20, 2023
The State Bank of Pakistan’s (SBP) forex reserves have increased to $4.43 billion after receiving Rs300 million commercial loan from China, ARY News reported on Thursday.
The SBP spokesperson confirmed that $300 million commercial loan from China has been received and $384 million was increased to the central bank’s reserves. The total reserves of the SBP increased to $4.43 billion from $4.03 billion.
The commercial banks’ reserves reached $5.53 billion after the increase of $6 million. The country’s total reserves reached $9.96 billion after an increase of $400 million.
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On April 18, the country’s foreign exchange reserves were increased after Pakistan received $300 million from China.
The State Bank of Pakistan (SBP) received the third disbursement in its account amounting to $300 million from the Industrial and Commercial Bank of China (ICBC).
The Chinese bank provided $1.3 billion loan to the central bank so far.