Tuesday, July 23, 2024
HomeLatest NewsEconomyPakistan Foreign Reserves Now Total $9.74 Billion

Pakistan Foreign Reserves Now Total $9.74 Billion

Pakistan forex reserves rise by $405 million, reaching $9.745 billion.

Central bank of Pakistan total foreign reserves climbed by $393 million to $4.462 billion. The amount of reserves that banks currently hold rose by $12 million to $5.282 billion.

The receiving of official inflows, according to the central bank, was the cause of an increase in foreign exchange reserves.

Last month, Pakistan made an external debt payment to China of $1.3 billion, but Beijing refinancing the country’s credit. For Chinese commercial loans, June was the due date.

Pakistan paid debt to the Bank of China in the amount of $300 million and the China Development Bank in the amount of $1 billion as per the timetable.

Pakistan’s had asked China to immediately refinance $1.3 billion in commercial debts that were coming due. $1.3 billion of the amount was received last month.

In order to boost its declining foreign exchange reserves and avoid default, Pakistan and the International Monetary Fund (IMF) have agreed a $3 billion standby agreement.

The IMF agreement is anticipated to improve the reserves. After receiving IMF Board approval, the first tranche of $1.1 billion is anticipated to be released later this month.

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