KARACHI: Pakistan’s foreign exchange reserves increased by $1.517 billion to $14.679 billion during the week ended October 28 on inflows from the Asian Development Bank (ADB), the central bank said on Thursday.
The forex reserves held by the State Bank of Pakistan rose by $1.473 billion to $8.912 billion.
“This increase is attributed to the receipt of US$ 1,500 million from ADB,” the SBP said in a statement.
The SBP’s reserves are enough to cover 1.29 months of imports. The reserves of commercial banks also rose by $44 million to $5.766 billion.
The improvement in the foreign reserves is a positive sign for the country’s finances, especially when the government is facing a balance of payments issue. The catastrophic floods that the country experienced over the summer have resulted in losses of at least $30 billion.
Pakistan has signed an agreement with the World Bank amounting to $500 million. The fund will be financed for agricultural transformation project in Punjab for $200 million. The World Bank to finance another project at Khyber Pakhtunkhwa for climate change projects amounting to $300 million.
An undated image of the Federal Board of Revenue building in Islamabad. — APP/FileLAHORE: In a major relief for...
A jeweller waits for a customers at a shop in Karachi on June 26, 2024. — AFPKARACHI: Gold prices fell by Rs1,595...
Oil tankers pass through the Strait of Hormuz, December 21, 2018. — ReutersIsraeli aerial bombardment has wiped out...
Maersk's logo is seen in stored containers at Zona Franca in Barcelona, Spain, November 3, 2022. —ReutersCOPENHAGEN:...
Kenyan currency notes are pictured inside a cashier's booth at an Equity Bank branch as Equity Group Holdings release...
Traders work on the floor at the New York Stock Exchange in New York City, US, June 18, 2025. —ReutersGlobal equity...