Chinese Loan of USD 2.20 Billion shores up Pakistan’s Forex Reserves

MG News | March 28, 2019 at 08:36 PM GMT+05:00

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March 28, 2019 (MLN): Pakistan’s reserves decreased by USD 235.70 Million as the total liquid foreign reserves held by the country stood at USD15,473.9 million on March 22, 2019.

According to data released by the State Bank of Pakistan, its forex reserves decreased by USD 278 million during the week due to external debt servicing and other official payments while those held by commercial banks increased by USD 42.10 million.

**Summary of Holding and Weekly Change**
Foreign reserves held by	Mar 22, 2019	Mar 15, 2019	Change	% Change
State Bank of Pakistan	8,560.90	8,838.70	-277.80	-3.14%
Net Foreign Reserves Held by Banks	6,913.00	6,870.90	42.10	0.61%
Total Liquid Foreign Reserves	15,473.90	15,709.60	-235.70	-1.50%

Amount in USD Million

However, On March 25, 2019, State Bank of Pakistan received RMB 15 billion, equivalent to USD 2.2 billion, as proceeds of a loan obtained by the Government of Pakistan from China.

Accordingly, foreign exchange reserves held by the SBP increased to USD 10.67 billion and total foreign exchange reserves of the country stood at USD 17.58 billion.

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