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

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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.

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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.

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