The New York Based international credit rating agency in its recent report said that the central banks’ reserves rose to about US$12.5 billion by end-July from $7.7 billion a year prior.
The IPPs have reached an understanding with Committee to alter their existing contractual arrangements in the larger national interest, to the extent of, and strictly with respect to, the matters listed under the Memorandum of Understanding (MoU) signed between the Parties on August 13, 2020.
HUBCO informed that under the terms of the MoU the ROE/ROEDC rate shall be changed from current 15pc in US$ to 17pc in PKR with no future US$ indexation.
Due to the government's prudent economic policies, the foreign exchange reserves of State Bank of Pakistan had increased from $ 8.5 billion to $12.5 billion, he added.