Pakistan’s foreign reserves increasing back – Research Snipers

Pakistan’s foreign reserves increasing back

The State Bank of Pakistan (SBP) has said on Thursday that the total liquid foreign reserves of the country increased at reached $16,798.0 million on June 14, 2018.

Pakistan has been suffering extreme depletion of foreign reserves in the last couple of year, it was reported earlier that Pakistan is depleting its foreign reserves fastest in Asia voicing concerns for the SBP and government.

In February, it was reported that Pakistan’s foreign reserves fell by $130 million also a decrease was reported by $95 million in November last year.

Now there is an increase recorded by SBP in Pakistan’s liquid foreign reserves, the total liquid foreign reserves stood at $16,798.0 million on June 14, 2018.

The reserves held by the State Bank stood at $10,264.3 million while the net reserves held by other commercial banks stood at $6,533.7 million, making the total of $16,798.0 million.

The week ending on June 14, 2018, SBP’s reverses were increased by $198 due to the official inflows.

However, there were not many details about how the foreign reserves saw an increase, but last month in May it was reported that China is to provide Pakistan with a credit line of $1.6 billion in order to boost their foreign reserves, it might be the result of that credit line.