Pakistan’s foreign exchange reserves have surpassed US$ 13 billion mark, reaching a three-year high.
As per details, Pakistan’s foreign exchange reserves reached a three-year high last week on November 20th surpassing US$ 13 billion mark.
According to State Bank of Pakistan (SBP), country’s foreign exchange reserves are at US$ 13.415 billion. Pakistan’s total liquid foreign reserves along with, foreign exchange held by SBP and other commercial banks is reported to stand at US$ 20.552 billion.
The foreign exchange reserves increased by US$ 484 million as a result of government’s official inflows, said SBP.
The bank however, had not issued any further details regarding government inflows.
It is pertinent to know that Pakistan faced continuous depletion in foreign exchange reserves at an alarming rate back in 2018. The country faced dire circumstances as foreign reserves fell down the level that was barely enough for payments of two months of imports.
As a result, Pakistan sought International Monetary Fund’s (IMF) assistance and secured a US$ 6 billion bailout package from the US based lender.
The IMF program was supposed to pave way for further funding from multilateral donors worth up to US$ 38 billion.
In addition to it, Asian Development Bank (ADB), World Bank (WB) and Asian Infrastructure Investment Bank (AIIB) have also pledged their assistance, contribution in strengthening Pakistan’s economic indicators.
