SBP reserves soar $32.4 million to $8,271 million

KARACHI: The foreign currency reserves held by the State Bank of Pakistan (SBP) stood at $8,271.1 million after an increase of $32.4 million during the week ending on Aug 23.

According to the central bank’s weekly statement, net reserves held by commercial banks were recorded at $7,358.6 million.

The total liquid foreign reserves of the country stood at $15,629.7 million.

Earlier, on July 10, SBP had received $1 billion from the International Monetary Fund (IMF) as the first tranche of a bailout package for balance of payment support.

The Executive Board of the International Monetary Fund (IMF) in its Washington meeting on July 3 approved $6 billion loan for Pakistan under its bailout programme.

Pakistan’s government and the IMF had already signed staff agreement on May 12.