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SBP’s foreign exchange reserves surge by $1.6 billion, exceed $17.3 billion

According to SBP total liquid reserves of Pakistan have increased to US$ 23,720 million.

ISLAMABAD: Foreign exchange reserves of the State Bank of Pakistan (SBP) have increased by $1.6 billion and amounted to $17.33 billion last week.

On Feb 4, 2022, the central bank has received $1.053 billion from the International Monetary Fund and $1 billion from the sale of international Sukuk Bonds. The State Bank of Pakistan reported this development late Thursday night (Feb 10).

According to SBP, by including the commercial banks forex reserves, the total liquid reserves held by the country stood at US$ 23,720 million as of 04-February-2022.

The break-up of the foreign reserves position is as under:-

i) Foreign reserves held by the State Bank of Pakistan amounted to $17,336.8
million;
ii) Net foreign reserves held by commercial banks stood at $6,384.1 million
iii) Total liquid foreign reserves with the SBP and commercial banks have increased to $23,720.9 million.

During the week ended on 04-February-2022, SBP received US$ 1,053
million from IMF under EFF program and proceeds against Pakistan
International Sukuk Bond issuance of US$ 1,000 million. After accounting for
external debt and other payments, SBP reserves increased by US$ 1,609
million to US$ 17,336.8 million.

The IMF has released $1.053 billion after Pakistan government has fulfilled all the upfront measures suggested by the IMF to qualify for the resumption of suspended programme while Pakistan government has sold international Sukuk Bonds worth $1 billion last month and the State Bank of Pakistan received the amount on Feb 4, 2022.

Javed Mahmood
Written By

I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.

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