The State Bank of Pakistan''s foreign exchange reserves increased by some one billion dollar during the last week due to inflows from Saudi Arabia. According to official announcement, SBP has received $1 billion as on November 19, 2018 as placement of funds by Saudi Arabia, after which SBP''s reserves surged to $8.294 billion end of the week compared to $7.286 billion as on November 16 2018.
Similarly, with arrival of these inflows, the country''s total liquid foreign exchange reserves stood at $14.722 billion as on November 19, 2018.
It may be mentioned here that recently, during the visit of Prime Minister Imran Khan, Saudi Arabia was agreed for a bailout package of $6 billion for Pakistan to support balance of payment. As per commitment, Saudi Arabia will place $3 billion with Pakistan for a period of one year and will also provide $3 billion oil on one year deferred payment. First tranche of one billion dollar was arrived on November 19 for one year placement with Pakistan.
Comments
Comments are closed.