SBP reserves fall $ 748mn to $ 8.24bn – Latest News – The Nation MIGMG News

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Foreign exchange reserves of the State Bank of Pakistan (SBP) declined by 748 million during the week ended on June 17.

Sharing a break-up of the foreign reserves position, the central bank said that the reserves held by the State Bank of Pakistan stand at $ 8,237.7 million.

According to details shared by the central bank, the overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $ 14,210.4 million. Net reserves held by banks amounted to, 5,972.7 million.

The central bank said the decrease came mainly due to external debt repayments. However, it added that “SBP reserves are expected to increase in coming days on realization of proceeds of CDB (China Development Bank) loan.”

Pakistan, China ink $ 2.3bn loan deal

Federal Minister for Finance and Revenue Miftah Ismail Wednesday said Pakistan signed a RMB 15 billion ($ 2.3 billion) loan facility agreement with a Chinese consortium of banks.

The finance minister announced the development on his official Twitter handle.

“Inflow is expected within a couple of days. We thank the Chinese government for facilitating this transaction, ”he wrote in a tweet.

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