Pakistan’s foreign exchange reserves have recorded a sharp increase after the State Bank received proceeds from the country’s Eurobond issuance.
The State Bank of Pakistan’s reserves rose by more than $3 billion. Consequently, the central bank’s reserves reached $21.389 billion, according to the latest data.
The increase came mainly from the proceeds received through Pakistan’s Eurobond issuance. Meanwhile, the country’s total liquid foreign exchange reserves also recorded a significant rise.
Pakistan’s Total Forex Reserves Reach $26.791 Billion
When commercial banks’ foreign exchange holdings are included, Pakistan’s total liquid reserves reached $26.791 billion.
Commercial banks held $5.402 billion in foreign exchange reserves, according to the State Bank data.
Therefore, the latest figures show a substantial increase in Pakistan’s overall foreign exchange position.
The rise also comes as Pakistan continues efforts to strengthen its external position. At the same time, the country has been working to build a larger foreign exchange buffer after pressure on its external account.
The Eurobond proceeds have consequently added to the State Bank’s liquid foreign exchange holdings. This has provided a notable boost to the central bank’s reserve position.
Eurobond Proceeds Lift State Bank Holdings
The latest increase in reserves was primarily linked to the receipt of Eurobond proceeds.
The additional funds have increased the State Bank’s available liquid foreign exchange holdings. As a result, the central bank’s reserves have crossed the $21 billion mark.
Meanwhile, commercial banks continue to hold a separate portion of the country’s foreign exchange reserves.
The combined holdings now place Pakistan’s total liquid foreign exchange reserves at $26.791 billion.
State Bank Rejects Rs10 Note Withdrawal Reports
Alongside the reserve update, the State Bank issued a clarification about reports concerning the Rs10 banknote.
The central bank described claims about the withdrawal of the denomination as baseless. It also urged the public to ignore rumours about discontinuing the Rs10 note.
According to the State Bank, the federal cabinet is currently considering a proposal concerning new-design banknotes.
However, no decision has been taken to replace or discontinue banknotes of any denomination.
The central bank said any decision involving new-design notes would be formally communicated to the public. Similarly, any decision to withdraw existing banknotes would also be officially announced.
No Decision Taken on Existing Banknotes
The clarification came after reports circulated on social media and other platforms. Those reports suggested that the Rs10 banknote could be withdrawn from circulation.
The State Bank has now made clear that no such decision has been taken.
Therefore, the current status of the Rs10 note remains unchanged. Any future decision regarding new banknotes or the withdrawal of existing denominations will be communicated officially.
Meanwhile, Pakistan’s foreign exchange reserves have received a substantial boost from the Eurobond proceeds. The latest figures put the State Bank’s holdings at $21.389 billion, while total liquid reserves reached $26.791 billion.
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