Pakistan’s Foreign Reserves Reach $20 Billion After Almost 3 Years

Pakistan’s liquid foreign reserves, which continued to build up in the past couple of weeks with the consistent inflows of foreign exchange through loans or other receipts, now stand at over $20 billion.

The reserves of the State Bank of Pakistan have increased to $12.93 billion as of November 13, 2020, which is the highest level since February 2, 2018.

The reserves maintained by commercial banks stood at $7.15 billion. The total liquid foreign reserves held by the country rose to $20.08 billion, according to the State Bank of Pakistan (SBP).

A.A.H Soomro, Managing Director at Khadim Ali Shah Bukhari, tweeted:

Pakistan's FX touch $20b mark after 34 months.

Thanks to money from lenders (IMF/WB/ADB), low Trade Deficit, formal Remittances & less outward tourism.

Lessons:
– Minimize informal channels for FX outflows
– Create world-class local tourism industry
– Save low oil savings pic.twitter.com/BnrxKYKcJz

— A A H Soomro (@AAHSoomro) November 19, 2020