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Pakistan’s Foreign Reserves Surge to $12.066 Billion

Morpheus

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Pakistan’s Foreign Reserves Surge to $12.066 Billion

Posted 2 hours ago by ProPK Staff



The foreign exchange reserves of the country surged by $268 million for the week ending on October 16.
According to the data released by the State Bank of Pakistan (SBP), the foreign exchange reserves maintained by the central bank have surged to $12.066 billion whereas the foreign exchange maintained by commercial banks stood at $7.235 billion.

SBP reserves have increased by $268 million due to GOP’s official inflows.

It is pertinent to mention here that the consistent inflows of foreign exchange in the country due to overseas’ remittances, investments through Roshan digital accounts, and export receipts maintained a favorable balance of supply and demand of the greenback in the local market causing Rupee to gain stability gradually.
The improvement in the value of the Rupee against the Dollar will not only reduce the installments of debt payments but it will also cause a favorable impact on the import bill of the country.

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alibaz

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Where's the surge when on 4 September 2020, the foreign reserves were at $12.8 billion?
311 million payed against external debts.


The foreign exchange reserves held by the central bank declined 2.69% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On September 25, the foreign currency reserves held by the SBP were recorded at $12,359.7 million, down $342 million compared with $12,701.6 million in the previous week. According to the central bank, the fall came on the back of government’s external debt payments that amounted to $311 million, and other official payments. Overall, liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $19,534.8 million. Net reserves held by banks amounted to $7,175.1 million. A few months ago, the SBP successfully made foreign debt repayment of over $1 billion on the maturity of Sukuk.

Published in The Express Tribune, October 2nd, 2020.


 

Wikki019

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Great idea which should have been a basic and easy to attain right for overseas Pakistanis long ago.
Indeed a great Idea plus today I saw an incentive scheme they have implemented in Bangladesh, to give 2% extra cash to whoever transmits his money through banking channels. we can also have a look.
 

Pakistan Space Agency

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Great idea which should have been a basic and easy to attain right for overseas Pakistanis long ago.
What's the difference between this account and the normal current accounts?

Money is nowadays transferred instantaneously to a Pakistani bank account from the comfort of your own home using Western Union website/App with only £1.90 transaction fee no matter how much you transfer. That can be your own account or someone else's.
 

Patriot forever

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What's the difference between this account and the normal current accounts?

Money is nowadays transferred instantaneously to a Pakistani bank account from the comfort of your own home using Western Union website/App with only £1.90 transaction fee no matter how much you transfer. That can be your own account or someone else's.
The difference is an unrestricted TWO way flow with no fee and completely digital. It's just like running your own bank account at Lloyds bank on top of it you can benefit from different schemes which pays way better while living abroad and can access those earnings just like your local bank account.
 

WebMaster

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The difference is an unrestricted TWO way flow with no fee and completely digital. It's just like running your own bank account at Lloyds bank on top of it you can benefit from different schemes which pays way better while living abroad and can access those earnings just like your local bank account.
Not to mention gaining access to normal account for overseas Pakistani in USD is a nightmare. Ease of access will bring in plenty of dollars and helps the country no doubt.
 

Pakistan Space Agency

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The difference is an unrestricted TWO way flow with no fee and completely digital. It's just like running your own bank account at Lloyds bank on top of it you can benefit from different schemes which pays way better while living abroad and can access those earnings just like your local bank account.
Interesting. Can you please share a link for this account.
 

Pakistan Space Agency

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If you really are interested and in UK. Go with standard chartered as compared to UBL etc (it does not matter but from a confidence perspective).

I had a look at different accounts in the past but no joy, either couldn't open them because of the information they wanted or I didn't have confidence in them.
 

Patriot forever

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I had a look at different accounts in the past but no joy, either couldn't open them because of the information they wanted or I didn't have confidence in them.
I agree, over in UK if you send money back home it was a one way transaction. It is a hassle if ever you need some cash back in UK urgently from your own rupee denominated Islamic saving acccount etc and there is a fee to it as well (personal experience).
Hopefully this type of account changes those limitations.
 

Pakistan Space Agency

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I agree, over in UK if you send money back home it was a one way transaction. It is a hassle if ever you need some cash back in UK urgently from your own rupee denominated Islamic saving acccount etc and there is a fee to it as well (personal experience).
Hopefully this type of account changes those limitations.
You kidding me right?

You mean to say that I can take money out here in UK from my own Pakistani account without having to visit Pakistan and arrange some sort of transfer from there to a UK account?
 

Patriot forever

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You kidding me right?

You mean to say that I can take money out here in UK from my own Pakistani account without having to visit Pakistan and arrange some sort of transfer from there to a UK account?
Yep that's what this account promises. No need to give signed checkbook to parents anymore, and the paperwork as well :D
Sometimes it required a foreign currency account to make a direct transaction to uk account as well as well the trip to money exchanger to covert into foreign currecncy. The other option was to send via Western Union etc which sometimes costed more as the rates they offered were not on par with the market.
 
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