Pakistan foreign exchange reserves improved surprisingly as it received inflows of more than $1.33 billion in the last week of July, 2018.
According to the State Bank of Pakistan (SBP), the staggering amount of inflows increased the foreign exchange reserves level at $10.34 billion maintained by the central bank.
A major part of the inflows was received from China, which eased off the mounting pressure on foreign exchange reserves and the value of Rupee against Dollar. Hence, the local currency witnessed stability against the greenback in the past one week, which is though a temporary but a good sign of recovery for the economy.
The foreign exchange reserves maintained by private banks stand at $6.73 billion.
Overall, the foreign exchange reserves of the country reached the level of $17.07 billion by end of July 27.
Till July 21, the foreign exchange reserves of the central bank depleted by $ 778 million due to the outflows on the account of debt servicing and loan repayments to different banks and donor agencies.
However, Chinese support came through more than $1 billion to Pakistan to help maintain its fast depleting reserves.
We need at least $5 Billion in this year to dodge IMF sting.
China, Saudi Arabia, UAE, Turkey, and Russia can help $1 Billon each in this regard.