Pakistan’s Forex Reserves Up $484 Million In November

In November, Pakistan’s Forex Reserves increased by the country $484 Million right now the country stood at USD 20,552.40 Million.

According to a State Bank of Pakistan (SBP) report, the central bank’s reserves have increased by $484 million as of November 20.

The SBP report said that the central bank’s reserves have exceeded  $13.41 billion.

Commercial banks have  $7.13 billion, while the country’s total reserves have exceeded  $20.55 billion.

It may be recalled that earlier this month, the total foreign exchange reserves had increased by  $553.3 million.

After receiving a loan of  $500 million from the United States to Pakistan, foreign exchange reserves have reached the level of  $19.9 billion.

The reserves of the central bank increased by $557.9 million to  $12.74 billion while the reserves of commercial banks decreased by $4.6 million to  $7.166 billion.

Last week, the SBP received  $500 million in loans from the United States.

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Foreign direct investment (FDI) in Pakistan also stood at a 10-month high of 31 311.4 million in October, accounting for 43.3% of investment during the current financial year.

According to figures released by the State Bank of Pakistan (SBP), FDI inflows in October 2019 were 16 166.5 million.

Last month, China invested  $228.7 million in Pakistan, compared to about $239 million in the energy sector alone.

According to the data, during the four months from July to October of the fiscal year 2020, FDI increased by 9% to  $733 million from $672 million in the same period last year.

According to SBP data, overall foreign investment declined by more than 64% year-on-year, from $698.2 million to 42 425 million.