On Thursday, Foreign Exchange Reserves held by the central bank jumped by a massive 12.9% on a weekly basis, according to data released by the State Bank of Pakistan (SBP).
The increase came after Pakistan received first tranche from the International Monetary Fund (IMF) of $991.4 million on July 9.
Previously, reserves had fallen below $ 7 billion, raising concerns about Pakistan’s ability to meet its financing needs. However, financial assistance from the United Arab Emirates and Saudi Arabia has strengthened foreign exchange reserves.
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17 August, 2019