Pakistan’s Forex Reserves Surge to $17.6 Billion

Pakistan’s foreign exchange reserves surged to a record level of $17.655 billion as of 13-December-2019.

The central bank’s reserves of foreign exchange increased by $ 1.659 billion to $10.893 billion.

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This increase is attributed to multilateral and other official inflows including proceeds of $1.3 billion received from the Asian Development Bank.

The net foreign reserves held by commercial banks stood at $6.762 billion.

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The improvement in reserve situation will strengthen the Rupee position against Dollar. In the case of debt retirement, the enhanced level of reserves will remain stable in the near future without uncertainty. It will also stabilize the external outlook of the economy including the confidence of investors on the Pakistan’s market.