Pakistan Foreign exchange reserves cross US$23b mark

KARACHI - The total liquid foreign reserves held by the country reached US$ 23,084.9 million on July 1, 2016, according to a statement issued by the State Bank of Pakistan (SBP), the country's central bank, on Monday

According to the statement, the foreign reserves held by the SBP stood at US$ 18,128.9 million, while the net foreign reserves held by commercial banks stood at US $4,956.0 million, bringing total liquid foreign reserves to US$ 23,084.9 million.

During the week ending on July 1, the SBP received US$ 1,340 million from multilateral, bilateral and other official sources which include US$ 501 million received from the IMF, US$ 502 million from the World Bank and US$ 307 million from the Asian Development Bank.

During the week, the SBP made payments of US$ 50 million to pay off external loans.