ISLAMABAD-Pakistan’s foreign exchange reserves for the second consecutive week have increased slightly, by $66 million to $3.258 billion. “During the week ended on 17-Feb-2023, SBP’s reserves increased by $66 million to $3,258.5 million,” said State Bank of Pakistan on Thursday. The total liquid foreign reserves held by the country stood at $8,726.5 million as of 17-Feb-2023. The break-up of the foreign reserves position showed that foreign reserves held by the State Bank of Pakistan are $3,258.5 million and net foreign reserves held by commercial bank are $5,468.0 million. Earlier, in last week, ended on 10-Feb-2023, SBP’s reserves increased by $276 million to $3,192.9 million.
Pakistan is expecting to receive $700 million from China in next few days, which would help in building the country’s foreign exchange reserves. “Formalities completed and Board of China Development Bank has approved the facility of $700 million for Pakistan. This amount is expected to be received this week by State Bank of Pakistan which will shore up its forex reserves,” said finance minister in a tweet the other day.
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Pakistan is eyeing to get re-financing of Chinese loans up to $2 billion by the end of February or the first week of March 2023. Two more commercial loans were expected to be re-financing including $500 million and $800 million, making total financing at $2 billion from the friendly country. The government is also expecting to receive inflows from Saudi Arabia and United Arab Emirates following the revival of loan programme of International Monetary Fund (IMF).
The Nation, 24 Feb, 2023