Pakistan’s Forex Reserves Surge to Over $15.5 Billion

Pakistan’s foreign exchange reserves have increased to $15.57 billion thanks to inflows of $500 million from the Asian Development Bank.

According to the State Bank of Pakistan, its foreign exchange reserves have increased to $8.264 billion whereas the foreign exchange reserves of the commercial bank stand at $7.313 billion.

During the week ending on 9 August 2019, SBP’s reserves increased by $535 million, getting to $8,264.4 million. The increase in SBP’s reserves is mainly due to inflows of $500 million received from the Asian Development Bank.

Pakistan received a policy-based loan to support its reforms, addressing the fiscal deficit and increasing trade competitiveness to boost the country’s economic resilience. ADB will also provide $750,000 technical assistance to enable effective implementation of the program later on, as per the agreement sign by the Secretary Economic Affairs Division, Noor Ahmed with Country Director Xiaohong Yang recently.

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