KARACHI:

The foreign exchange reserves held by the central bank rose by $66 million to $3.258 billion in the week ending Feb 17, the State Bank of Pakistan (SBP) said on Thursday, while its total liquid foreign reserves stood at $8.726 billion.

Pakistan, which is a $350 billion economy, is facing economic turmoil, with a balance of payment crisis and only enough foreign exchange reserves to cover three weeks of imports.

Islamabad is expecting external financing inflows after a deal with the International Monetary Fund (IMF) is finalised, something that is likely this month.

Also read: Are FX reserves a true indicator of progress?

If the IMF deal is done and approved by its board that will issue a $1.2 billion funding, that will also unlock other bilateral and multilateral inflows.

China approved the refinancing of $700 million on Wednesday, the finance ministry said. The money had been expected to be credited to the central bank’s reserves this week.





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Open chat
1
Need Help?
Hello, Can we help you?
%d bloggers like this: