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SBP Reserves Jump 12.9% on Weekly Basis: Foreign Exchange

SBP Reserves Jump 12.9% on Weekly Basis: Foreign Exchange
SBP Reserves Jump 12.9% on Weekly Basis: Foreign Exchange

On Thursday, Foreign Exchange Reserves held by the central bank jumped by a massive 12.9% on a weekly basis, according to data released by the State Bank of Pakistan (SBP).

The increase came after Pakistan received first tranche from the International Monetary Fund (IMF) of $991.4 million on July 9.

Previously, reserves had fallen below $ 7 billion, raising concerns about Pakistan’s ability to meet its financing needs. However, financial assistance from the United Arab Emirates and Saudi Arabia has strengthened foreign exchange reserves.

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