Pakistan’s Forex reserves (foreign exchange reserves) have incremented by $161 million during the first week of December 2020. The rise was a 0.78% increase, informed the Central Bank on Thursday.
The State Bank of Pakistan (SBP) obtained an amount of $307 million from the Asian Development Bank, as per their statement. They have received a sum of $359 million from multilateral and bilateral sources.
Currently, the total liquid foreign exchange reserves held by Pakistan values to $20.402 billion, a $161 million increase from the previous week.
The State Bank’s reserves have increased by $188 million to stand at $13.298 billion today. This is after deducting debt repayments and any other deductions.
The Foreign Exchange reserves held by the commercial banks have, however, decreased from $7.130 billion to $7.103 billion, a $27 million fall from last week.
Over the past year, Prime Minister Imran Khan has been taking rapid steps to stimulate growth in Pakistan’s economy. PM Khan has established a National Export Development Board under the Strategic Trade Policy Framework (STPF) 2020-25. The Board will be headed by the Prime Minister himself and will include all stakeholders of the exports industry.
The country’s exports have also seen significant increases towards the end of 2020. Pakistan’s IT industry, specifically, has increased its exports by 44 percent in the first quarter of FY2020-21.
With Pakistan observing increases in their reserves and their exports whilst also establishing new Development Boards and various other programs to stimulate the economy, the country seems to be going towards economic growth and financial stability soon
Image source: Times of Islamabad