SBP reserves hit historic high of $20.14bn

KARACHI: The State Bank of Pakistan’s (SBP) foreign exchange reserves increased by $2.56 billion on a weekly basis, hitting an all-time high of $20.145bn.

The foreign reserves held by the State Bank were recorded at $20.145bn on August 27, a weekly report on the country’s reserves position released by the central bank showed.

Overall liquid foreign currency reserves held by the country, including net reserves held by commercial banks, stood at $27.22bn. Net reserves held by commercial banks were recorded at $7.08 billion.

Also Read: PAKISTAN RECEIVES $2.75 BILLION FROM IMF

“During the week ended on 27-Aug-2021, SBP received proceeds of IMF SDR allocation amounting to US$ 2,751.8 million. After accounting for external debt payments, reserves increased by US$ $ 2,567 million to US$ 20,145.6 million,” the central bank said.

On August 24, Pakistan received $2.75 billion from the International Monetary Fund (IMF). “SBP has received US$ 2.75 billion from the IMF, as part of SDR allocation announced by IMF recently,” the State Bank had tweeted.

Earlier, Finance Minister Shaukat Tarin said that the IMF was disbursing the funds to countries for coping with the pandemic crisis.