SBP receives $500mn from China

News Image

By MG News | March 19, 2023 at 04:42 PM GMT+05:00

0:00

March 19, 2023 (MLN): The State Bank of Pakistan (SBP) has received $500 million from the Industrial and Commercial Bank of China (ICBC) as Pakistan completed the necessary documentation for disbursement, Federal Minister for Finance and Revenue Ishaq Dar informed through his official Twitter handle. 

It will shore up the forex reserves of Pakistan, he added.

State Bank of Pakistan has received today in its account from Chinese Bank ICBC US $ 500 million. It will shore up forex reserves of Pakistan.
AlhamdoLilah! https://t.co/dIHmfBLlvD

— Ishaq Dar (@MIshaqDar50) March 17, 2023

Pakistan had earlier received $500mn from ICBC as the first of three disbursements approved for rollover, and the completion of documentation for the second disbursement of $500mn was announced by Dar on Thursday.

The Chinese bank had approved a rollover facility of $1.3 billion, which Pakistan had repaid in recent months.

Pakistan's foreign exchange reserves currently stand at $4.32bn, boosted by loan inflows of $500mn from ICBC and $700mn from China Development Bank.

The country is also expecting another $800mn from ICBC after renewing its $1.3bn facility, which it had repaid earlier.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 132,618.11
107.37M
-0.59%
-785.08
ALLSHR 82,993.58
614.68M
-0.23%
-194.48
KSE30 40,354.73
37.72M
-0.73%
-296.72
KMI30 190,837.94
43.60M
-0.65%
-1245.98
KMIALLSHR 55,714.99
315.62M
-0.24%
-132.70
BKTi 36,197.87
6.85M
-0.62%
-225.00
OGTi 28,263.95
7.50M
-0.61%
-173.66
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 109,075.00 109,545.00
108,625.00
-140.00
-0.13%
BRENT CRUDE 70.47 70.50
69.85
0.32
0.46%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
2.05
2.15%
ROTTERDAM COAL MONTHLY 106.65 106.65
106.25
0.50
0.47%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 68.64 68.68
67.78
0.31
0.45%
SUGAR #11 WORLD 16.14 16.17
16.08
0.01
0.06%

Chart of the Day


Latest News

Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg