Forex reserves hit all-time high of $23 billion

KARACHI: The country’s foreign exchange reserves hit the all-time high of $23 billion with an addition of $1.32 billion during the week ended July 1, the central bank said on Monday.

The State Bank of Pakistan (SBP) said the forex reserves, held by the SBP, increased $1.31 billion to $18.129 billion during the week from $16.82 billion in the previous week.

In the week under review, the SBP received $1.34 billion from multilateral, bilateral and other official sources, including $501 million from the IMF, $502 million from the World Bank and $307 million from the Asian Development Bank.

The SBP made payments of $50 million on account of external debt servicing during the week. The reserves, held by commercial banks, inched up to $4.956 billion from $4.946 billion.