The State Bank of Pakistan (SBP) on Friday received 15 billion Renminbi ($2.3 billion) as proceeds for a loan facility agreement with a consortium of banks from China.
Announcing the news, Finance Minister Miftah Ismail said in a tweet that the loan has been credited into the SBP account today, increasing Pakistan’s foreign exchange reserves.
I am pleased to announce that Chinese consortium loan of RMB 15 billion (roughly $2.3 billion) has been credited into SBP account today, increasing our foreign exchange reserves.
— Miftah Ismail (@MiftahIsmail) June 24, 2022
The foreign exchange reserves held by the central bank decreased 8.3 percent on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.
On June 17, the foreign currency reserves held by the SBP were recorded at 8.237 billion, down $748 million compared to $9.226 on June 3.