SBP's foreign exchange reserves up $2.6bn
- State Bank of Pakistan's reserves increase by $2,647.9 million to $ 18.66 billion
The country’s total liquid foreign exchange reserves surged over $2.6 billion during last week, amid multi-billion-dollar deposits received from Saudi Arabia.
As per the State Bank of Pakistan's (SBP) weekly report issued on Friday, total liquid foreign exchange reserves held by the country stood at $25.150 billion on December 03, 2021. During the week under review, the SBP’s reserves increased by $2,647.9 million to $ 18.66 billion.
Net forex reserves held by commercial banks stood at $6.492 billion, up $4million in a week.
Last week, Pakistan finally received a $3-billion deposit from Saudi Arabia which will help support the country's foreign currency reserves and also contribute to resolving the adverse effects of the Covid-19 pandemic.
This was confirmed by Advisor to the Prime Minister on Finance and Revenue Shaukat Tarin via Twitter.
SBP has received $3-billion deposit from Saudi Arabia, says Shaukat Tarin
"Good news, $3 billion Saudi deposit received by SBP. I want to thank His Excellency Crown Prince Mohammed Bin Salman and the Kingdom of Saudi Arabia for the kind gesture," he tweeted.
Last week, Chief Executive Officer of Saudi Fund for Development (SFD) H.E. Sultan Bin Abdul Rahman Al-Marshad and SBP Governor Dr Reza Baqir had signed an agreement in Karachi for the deposit of $3 billion in the central bank.
"The deposit agreement reflects the strong and special relationship between the Kingdom of Saudi Arabia and Pakistan and will further augment the economic ties between the two brotherly countries,” a statement by the SBP said.
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