Pakistan’s Forex Reserves Increase by USD 486.20 Million

[Shahzaz ud din]

Pakistan’s Forex Reserves Increase by USD 486.20 Million
By
News Desk
-
January 2, 2020

Jan 02, 2020 (MLN): Pakistan's Forex Reserves increased by USD 486.20 Million or 2.76% and the total liquid foreign reserves held by the country stood at USD 18,081.40 Million on Dec 27, 2019.

According to data published by the State Bank of Pakistan (SBP) its reserves increased by USD 582.10 Million, this increase is attributed to bilateral and multilateral inflows including proceeds of US$ 452.4 million received from IMF under EFF program.

Summary of Holding and Weekly Change

Foreign reserves held by Dec 27, 2019 Dec 20, 2019 Change % Change
State Bank of Pakistan 11,489.40 10,907.30 582.10 5.34%
Net Foreign Reserves Held by Banks 6,592.00 6,687.90 -95.90 -1.43%
Total Liquid Foreign Reserves 18,081.40 17,595.20 486.20 2.76%
Amount in USD Million

Copyright Mettis Link News

Posted on: 2020-01-02T20:20:00+05:00
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[Shahzaz ud din]

Foreign exchange: SBP reserves jump $582m to $11.5b
By Our Correspondent
Published: January 2, 2020
TWEET EMAIL

Increase attributed to bilateral, multilateral inflows including $452.4m from IMF. PHOTO: FILE

KARACHI: The foreign exchange reserves held by the central bank increased 5.3% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.

Earlier, the reserves had spiralled downwards, falling below the $7-billion mark, which raised concern over Pakistan’s ability to meet its financing requirements. However, financial assistance from the United Arab Emirates (UAE), Saudi Arabia and other friendly nations helped shore up the foreign exchange reserves.

On December 27, the foreign currency reserves held by the SBP were recorded at $11,489.4 million, up $582 million compared with $10,907.3 million in the previous week.
“This increase is attributed to bilateral and multilateral inflows including $452.4 million received from the IMF under the Extended Fund Facility (EFF),” the statement added.

Overall, liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $18,081.4 million. Net reserves held by banks amounted to $6,592 million.

Pakistan received the first loan tranche of $991.4 million from the IMF on July 9, which helped bolster the reserves. Previously, the reserves had jumped on account of $2.5 billion in inflows from China.

Over time, the declining reserves have forced the central bank to let the rupee depreciate massively, sparking concern about the country’s ability to finance a hefty import bill as well as meet debt obligations in coming months.

A few weeks ago, the SBP successfully made a foreign debt repayment of over $1 billion on the maturity of Sukuk.

In December 2019, the foreign exchange reserves surpassed the $10-billion mark owing to inflows from multilateral lenders including the $1.3 billion received from the Asian Development Bank (ADB).

Foreign investment of over $1 billion in the debt market also played an important role in the growing foreign currency reserves.


Read more: forex , Latest , Rupee

 

[Syed1.]

Ya Allah patwariyon ki madad farma

 

[Protest_again]

Ya Allah patwariyon ki madad farma

Please it's from IMF, ADB and $1billion from debt market. What's there for patwaris to feel bad about? Dhar maintained it at 20 billion with similar strategy.

 

[Rafi]

Please it's from IMF, ADB and $1billion from debt market. What's there for patwaris to feel bad about? Dhar maintained it at 20 billion with similar strategy.

Thanks for the clarification, Mr Patwari spokesman, a question for the patwari supporters, why is an indian your spokesman???

 

[Protest_again]

Thanks for the clarification, Mr Patwari spokesman, a question for the patwari supporters, why is an indian your spokesman???

Lol. Should that mean anything? I am not saying what Dhar did was right.. All I am saying growing forex by loans is the same thing PML N did.

 

[Rafi]

Lol. Should that mean anything? I am not saying what Dhar did was right.. All I am saying growing forex by loans is the same thing PML N did.

Thanks Mr spokesman

 

[YeBeWarned]

Lol. Should that mean anything? I am not saying what Dhar did was right.. All I am saying growing forex by loans is the same thing PML N did.

Difference is we are now taking strong decisions to convert those loans into investments , these Loans are for temporary measures to stabilize the Economy , but the measures are done with help of investments and finishing up high revenue generating projects , Dar took loan and run away , this Govt is not going anywhere .

 

[Protest_again]

Difference is we are now taking strong decisions to convert those loans into investments , these Loans are for temporary measures to stabilize the Economy , but the measures are done with help of investments and finishing up high revenue generating projects , Dar took loan and run away , this Govt is not going anywhere .

I'll be honest. I believe PML-N was on the right track in terms of running the economy even then. Its them who cut down violence (terrorist attacks) that marred Pakistan for years. They undertook bold initiatives like CPEC. But they did try to reduce army's influence on politics that's when the Imran's dharna campaign started. Army kept helping him. PML N just kept screwing economy since then for spite with the army. They believed bad economy means bad allocation to army. So that'll probably loosen armys control over the state.

But army had different plans, they propped Imran to power. Rest as they say is history. Anybody's who says Imran is doing better with the economy needs to examine his head.

 

[Pakistan Space Agency]

Why not just ask IMF for a $400 billion loan?

That way PM Khan's brand new shinning Pakistan will have all the reserves he needs.

 

[Wikki019]

I'll be honest. I believe PML-N was on the right track in terms of running the economy even then

Tell me a country whose exports declined from 28 to 23 billion usd, how can manage a CAD of 19 billion USD a year + repayment of debt of 10 billion usd a year without going bankrupt?

 

[YeBeWarned]

I'll be honest. I believe PML-N was on the right track in terms of running the economy even then. Its them who cut down violence (terrorist attacks) that marred Pakistan for years. They undertook bold initiatives like CPEC. But they did try to reduce army's influence on politics that's when the Imran's dharna campaign started. Army kept helping him. PML N just kept screwing economy since then for spite with the army. They believed bad economy means bad allocation to army. So that'll probably loosen arm's control over the state.

But army had different plans, they propped Imran to power. Rest as they say is history. Anybody's who says Imran is doing better with the economy needs to examine his head.

Do you want NS and Dar, we will gladly send you both you can make NS CM of Punjab and Dar your Finance Minister .

 

[Rafi]

I'll be honest. I believe PML-N was on the right track in terms of running the economy even then. Its them who cut down violence (terrorist attacks) that marred Pakistan for years. They undertook bold initiatives like CPEC. But they did try to reduce army's influence on politics that's when the Imran's dharna campaign started. Army kept helping him. PML N just kept screwing economy since then for spite with the army. They believed bad economy means bad allocation to army. So that'll probably loosen arm's control over the state.

But army had different plans, they propped Imran to power. Rest as they say is history. Anybody's who says Imran is doing better with the economy needs to examine his head.

The patwari spokesperson, are PML N supporters happy that an Indian is trying to be their spokeswoman.

 

[xyxmt]

Please add $40 dollars I sent to my Nephew's Quran teacher.

 

[PakAlp]

Please add $40 dollars I sent to my Nephew's Quran teacher.

Lol, I get where you are coming from. Pml N had forex reserves at 20Billion. Pti Government should be happy when your on atleast 30Billion reserves, similar level to Bangladesh.