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.
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.
Editorial & Legal Practice Group
Authored and reviewed by the corporate law and tax litigation practice group at Javid Law Associates. Our team comprises High Court advocates, corporate legal advisors, and authorized tax practitioners across Pakistan.
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