Pakistan’s foreign exchange reserves have crossed the $22 billion mark after the government received $700 million from multilateral institutions, the State Bank of Pakistan said.
According to the latest SBP data, the country’s total foreign exchange reserves stood at $22.1 billion during the week ending June 24.
The State Bank of Pakistan said the fresh inflow helped lift the country’s dollar reserves beyond $22 billion.
The government received $700 million from multilateral institutions during the period, strengthening Pakistan’s overall foreign exchange position.
Central bank reserves increase
According to the central bank, SBP-held reserves rose by $610 million during the week. After the increase, the State Bank’s dollar reserves reached $16.52 billion.
Meanwhile, dollar deposits held by commercial banks decreased by $50 million in the last one week. The value of commercial banks’ foreign exchange reserves fell to $5.5 billion.
Total reserves reach $22.1bn
With the latest changes, Pakistan’s total foreign exchange reserves stood at $22.1 billion as of the week ending June 24.
The rise in reserves comes as the government continues to receive financial support from multilateral lenders, providing some relief to the country’s external account position.
