In a recent weekly report, the State Bank of Pakistan disclosed a notable shift in the country’s foreign exchange reserves.
According to the report, the official reserves experienced a decrease of $12.74 million during the week ending on January 12. Despite this dip, the total value of official foreign exchange reserves stood at $8.0274 billion.
Contrastingly, commercial banks witnessed a boost in their reserves, with an increase of $1.59 million. The cumulative reserves of commercial banks now amount to $5.1177 billion. Consequently, the overall domestic foreign exchange reserves reached an impressive $13.014 billion.
This fluctuation in reserves is attributed to the recent installment of $70 million received by Pakistan from the International Monetary Fund (IMF). The IMF Executive Board had given its nod to the economic review, confirming the release of $1.9 billion. Furthermore, State Bank officials anticipate an additional $1.1 billion following the last economic review.
Last week, the IMF had approved the disbursement of another tranche, amounting to $700 million for Pakistan. The Federal Ministry of Finance officially affirmed this development, highlighting the continued support from the IMF in bolstering Pakistan's economic stability.
