KARACHI: Pakistan’s foreign exchange reserves soared to $14.5 billion after receiving a substantial tranche from the International Monetary Fund (IMF).
The domestic foreign exchange reserves of Pakistan witnessed a substantial rise, standing at $14.45 billion, according to data released by the State Bank of Pakistan (SBP) on May 3.
Notably, the reserves of the State Bank of Pakistan (SBP) experienced a commendable surge, jumping by 1.11 billion dollars to reach 9.12 billion dollars.
Foreign Exchange Reserves Held by Commercial Banks
Likewise, the foreign exchange reserves held by commercial banks also registered a significant upswing, recording an increase of 2.86 billion dollars to reach 5.33 billion dollars.
Last month, Pakistan received the much-awaited 1.1 billion dollar final tranche from the IMF as part of the 3 billion dollar standby arrangement.
The SBP said it received Special Drawing Rights 828 million — equivalent to 1.1 billion dollars in value — following the successful completion of the second review by the Executive Board of IMF under the Stand-By Arrangement.
