ISLAMABAD – Pakistan has received US$ 2.2 billion from China, according to the country’s central bank.
“The SBP has received RMB 15 billion value, equivalent to $2.2 billion as proceeds of the loan obtained by government of Pakistan from China,” the State Bank of Pakistan (SBP) said in a tweet on Monday.
https://twitter.com/StateBank_Pak/status/1110136546022379520
With this deposit, the country’s forex exchange reserves have strengthened while the situation of balance of payment has also been improved.
Last week, Adviser and Spokesman for Ministry of Finance Dr Khaqan Najeeb had clarified that the discussions with international partners do not entail any target level of exchange rate.
https://twitter.com/KhaqanNajeeb/status/1109034143650902016
He said that focus was on further strengthening the exchange rate regime and keeping it consistent with the evolving macroeconomic fundamentals of the economy.
He also termed the news regarding fixing the exchange rate target as baseless and unfounded.
https://twitter.com/KhaqanNajeeb/status/1109034140731691008
The spokesman said that State Bank of Pakistan’s economic models points to the real effective exchange rate at equilibrium value.
Adding stability in the balance of payment was ensured with a fall in current account deficit and more than adequate foreign financing availability, he added.
