Arrangement of various world currencies including Chinese Yuan, Japanese Yen, US Dollar, Euro, British Pound, Swiss Franc and Russian Rouble pictured in Warsaw

Forex reserves hit record high of $20 billion

KARACHI: Pakistan’s foreign exchange reserves climbed to an all-time high of $20.054 billion during the week ended October 2, following receipts from the issuance of Eurobond, as well as the International Monetary Fund (IMF) and CSF inflows, the central bank said on Thursday.

The forex reserves stood at $18.349 billion in the previous week. Earlier, the country’s forex reserves reached the all-time high of $18.816 billion in July.

The forex reserves of the State Bank of Pakistan witnessed a steep increase of $1.794 billion.

The reserves amounted to $15.202 billion as compared to $13.408 billion a week ago.

The rise in the foreign exchange reserves are attributed to $505 million receipts from the International Monetary Fund under the Extended Fund Facility, $500 million as proceeds of Pakistan International Bonds, $376 million under the Coalition Support Fund (CSF) and $263 million as syndicate financing for the government.

Analysts said that at the current levels, the forex reserves are sufficient to cover imports of more than six months.

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