ISLAMABAD: Foreign exchange reserves of Pakistan have further increased by $815 million last week. With this increase in reserves, the total forex reserves with the State Bank of Pakistan and commercial banks amounted to$25.128 billion on Jul 16, 2021.
A statement issued by the central bank said, the State Bank of Pakistan (SBP) had already received proceeds of $ 1,040.8 million against Pakistan Euro Bonds sale. After accounting for external debt repayments, the forex reserves of the SBP increased by $845 million, to US$ 18,050.7 million.
Remaining $7.078 billion foreign exchange reserves are with the commercial banks operating in Pakistan. Rising foreign exchange reserves are a good sign for economic stability in the country.
Meanwhile, State Bank of Pakistan is reviewing its Monetary Policy on July 27 in Karachi. The board of directors of the SBP will review the existing MP, look into banks lending to government and private sector. Governor State Bank Raza Baqir will address a press conference on July 27, 2021, to share with media issues pertaining to monetary policy.
