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Forex reserves slightly up by eight million dollars

By S N Syed

KARACHI: Foreign exchange reserves held by the State Bank of Pakistan have slightly improved by eight million to $10.041 billion on June 1, 2018 against $10.033 billion on May 25.

According to data released by the State Bank of Pakistan on Thursday, the total liquid foreign reserves held by Pakistan have reached to $16.41 billion, compared to $16.40 billion on May 25.

Foreign currency reserves held by the State Bank of Pakistan rose to $10.041 billion from US$10.033 billion while net foreign reserves held by commercial banks increased to $6.378 billion against US$6.373 billion.

This is first time after several months that some improvement has been witnessed in foreign exchange reserves.

Foreign currency reserves had surged few months back due to official inflows that included $106 million from the World Bank and $622 million from the Asian Development Bank (ADB).

In November 2017, the country had raised $2.5 billion by floating dollar-denominated bonds in the international market in a bid to increase official reserves.

Earlier, the SBP received $350 million under the Coalition Support Fund (CSF). In January, the SBP made a $500-million loan repayment to the State Administration of Foreign Exchange (SAFE), China.

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