KARACHI: The country’s total liquid foreign exchange reserves reached all-time high level of $27 billion supported by the International Monetary Fund (IMF) inflows.

On August 24, Pakistan had received inflows amounting to $2.75 billion from the IMF for economic support in the wake of Covid-19 pandemic. These inflows were part of the IMF’s fresh allocation of Special Drawing Rights (SDR) 456 billion equivalent to $650 billion for Pakistan and other member countries to help them combat the challenges arising from the Covid-19 pandemic.

With the arrival of inflows from the IMF, the country’s total liquid foreign exchange reserves rose by $2.6 billion to reach all-time high of $27.227 billion during the week ended Aug 27, 2021 compared to $24.619 billion a week earlier.

During the week under review, the SBP received proceeds of the IMF SDR allocation amounting to $ 2.751.8 billion. After accounting for external debt payments, the SBP’s reserves increased by $ 2.567 billion to $ 20.1456 billion. Reserves held by banks increased by $41.7 million to $7.0821 billion at the end of last week.

Copyright Business Recorder, 2021