Forex Reserve in Pakistan Enhance by $2 Billion: SBP. State Bank of Pakistan (SBP) held the foreign reserves and according to the report the forex reserves increased by the $2 billion because of the large amount received from foreign bonds and Sukuk in the last week.
The State Bank of Pakistan (SBP) has revealed that the total inflows gained from foreign reserves of the country increased to $20.68 billion from $18.68 billion till 8th December, 2017.
The forex reserves detained by SBP stand at $ 14.66 billion while the net foreign reserves seized by commercial and private banks stand at $6.02 billion.
According to SBP the modification in the Forex reserve is which is nearly $2.05 billion due to the profits gains from the Pakistan International Bonds and Pakistan International Sukuk.
The $2.05 billion forex reserves was gained by the 10-year Eurobond which is the 6.875 percent of the sale and gained $1.5 billion amount whereas the $1 billion was detained from the sale of five-year Sukuk at 5.625 percent.
Though, Pakistan has made money of 0.5 billion from external debt servicing and loan repayments to various foreign banks and agencies.
It is worth mentioning here that the forex exchange reserves in Pakistan have touched all-time high level of $23.3 billion in November 2016.
But later on the forex exchange reserves in Pakistan were not been stable in the subsequent months. The forex reserves continuously declined in the later months due to repayment of heavy loans to international lending agencies and different foreign banks.
The forex reserves in Pakistan have reduced by $3.8 billion since January ($22.2 billion) to November ($18.7 billion) in 2017 due to mainly the nonstop outflows of exchange for loan repayment and ballooning import bill.
From January to November 2017 Pakistan has also received money of $550 million from USA in the month of March on the account of Coalition Support Fund (CSF) but its impact was temporary on the forex reserves.
Even though the major inflows of the foreign exchange reserves in the country have been declined from its position as it was in the beginning of 2017. Its reserves declined to $22.2 billion to $20.68 billion as far as this in the closing year.
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