Pakistan’s forex reserves hit record high of $24.41 billion

KARACHI: The liquid foreign exchange reserves of the country increased $1.12 billion to hit a record high of $24.415 billion by the week ended July 2, 2021, the central bank reported on Thursday.

Previously the foreign exchange reserves touched the level of $24.14 billion in October 2016.

The foreign exchange of the country stood at $23.297 billion by the week ended June 25, 2021.

The official foreign exchange reserves of the State Bank of Pakistan (SBP) increased $1.112 billion to $17.231 billion by the week ended July 2, 2021, compared with $16.119 billion a week ago.

The central bank attributed the increase in foreign exchange reserves to $1 billion received by the government in loan disbursement from China and $440 million from the World Bank.

However, the central bank made debt repayments and other official payments during the period.

The foreign exchange reserves held by the commercial banks witnessed an increase of $6 million to $7.184 billion by the week ended July 2, 2021, compared with $7.178 billion a week ago.