Pakistan’s Foreign Exchange Reserves Break All Historic Records

Pakistan’s foreign exchange reserves reached an all-time high level of $25.3 billion. According to the State Bank of Pakistan (SBP), with the fresh inflows of $1 billion investment from the Eurobond, the country’s foreign exchange reserves have surged up to over $25 billion.   ALSO READ Here’s Everything You Need to Know About New Ehsaas Policy for Startups SBP has received $1 billion proceeds from the government’s tap offering of its recently issued Eurobond.  Accordingly, SBP’s FX reserves, as of 13 July 2021, have reached $18.2 billion, which is the highest level since January 2017. Last week, the foreign exchange of Pakistan witnessed handsome inflows as the country received separate tranches of loans, including $1 billion from China and $440 million from the World Bank. Since April, the government has been making all-out efforts to take the country’s foreign exchange reserves to $25 billion by June this year through inflows of foreign loans and the realization of foreign bonds. The consistent inflows of foreign exchange provided a comfortable position to the reserve level, which will positively reflect on the macroeconomic indicators of the economy. ALSO READ Here’s How Much Pakistan Earned From Clinical Trials of Chinese Vaccine Experts also expect that inflows of remittances and export receipts might close the year in surplus to make a historical record. Previously, the foreign exchange level surged to the mark of $24.4 billion in October 2016.