Pakistan's forex reserves to rise for first time in three months

MG News | November 20, 2018 at 10:52 AM GMT+05:00

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November 20, 2018 (MLN): Pakistan’s foreign exchange reserves are set to escalate to more than $14 billion, following the receipt of the tranche worth $1 billion from Saudi Arabia, under a financial assistance package. The total worth of this package amounts to $6 billion.

However, this additional amount will only reflect in the reserves data that will release next week, November 29, 2018.

This will be the first increase in forex reserves in the last 3 months, since August 17, 2018.

Extending a helping hand to the Pakistani government in times of crisis, Saudi Arabia agreed last month, to loan the country $3 billion in foreign currency support for a year and an additional loan of $3 billion in deferred payments for oil imports.

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