SBP’s foreign exchange reserves climb to $14.51bn

The State Bank of Pakistan (SBP) said on Wednesday that its foreign exchange reserves rose to $14.51 billion by June 30.

Last month, the central bank’s reserves increased by $167 million to $11.675bn during the week ending June 6, though it failed to reach its target of $14bn by the end of the 2024-25 fiscal year.

A press release issued by the SBP today said its reserves rose by $5.12bn to reach $14.51bn, as compared to $9.39bn on June 30 last year.

“This reflects a noticeable improvement in the country’s current account balance and realisation of planned inflows during the year,” the SBP said.

Earlier this week, China rolled over $3.4bn in loans, two senior Pakistani government officials told Reuters, in a move that was expected to help boost the country’s foreign exchange reserves, a requirement of the International Monetary Fund.

Beijing rolled over $2.1bn, which has been in the SBP’s reserves for the last three years, and refinanced another $1.3bn commercial loan, which Islamabad had paid back two months ago, the sources said.

Another $1bn from Middle Eastern commercial banks and $500m from multilateral financing have also been received, one of the officials had said.

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