The country's total liquid foreign exchange reserves surged by $720 million during the last week supported by heavy foreign inflows from China. According to State Bank of Pakistan (SBP), Pakistan received inflow of $700 million from China Development Bank on account of government of Pakistan inflows. With arrival of these inflows the country's total foreign exchange crossed $23 billion mark end of the last week. SBP on Thursday reported that Pakistan's foreign exchange reserves have surged to $23.418 billion as on September 23, 2016 compared to $22.698 billion as on September 16, 2016.
During the week under review, SBP's reserves increased by $738 million to $18.395 billion, compared to $17.657 billion in the previous week. The increase in SBP's reserves is mainly attributed to inflow from China Development Bank. However, reserves held by banks witnessed declining trend and dipped by $18 million to $5.023 billion end of the week as against $5.041 billion a week earlier.
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