Chinese help pushes up Pakistan’s liquid foreign reserves

Karachi: Chinese help pushed up Pakistan’s liquid foreign reserves amid the economic crisis.

The State Bank of Pakistan (SBP) said that Pakistan’s total liquid foreign reserves stood at US$ 9.26 billion as of February 24.

The SBP elaborated that reserves held by the central bank increased by US$ 556 million to US$ 3.81 billion while net foreign reserves held by commercial banks were at US$ 5.45 billion.

The central bank received US$ 700 million as Government of Pakistan commercial loan disbursement from China and after accounting for external debt repayments, SBP reserves increased by US$ 556 million, the SNP statement added.

In the previous week ending on February 17, the total liquid foreign reserves held by the country was US$ 8,726.5 million.

Among them, foreign reserves held by the SBP were US$ 3,258.5 million while net foreign reserves held by commercial banks were US$ 5,468 million.