KARACHI – The foreign exchange reserves of Pakistan have recorded a significant increase as they reached the three-year highest level in week ending on November 29. The weekly data released by the State Bank of Pakistan (SBP) showed the total value of reserves has surged to historic $16.62 billion. In just one week, foreign exchange reserves held by the central bank increased by an additional $620 million to reach $12.0383 billion. On the other hand, commercial banks currently hold $4.5817 billion. The data shows that Pakistan’s dollar reserves are now equivalent to about three months of imports, one of the key conditions put forth by the International Monetary Fund (IMF) for the loan programme. A day earlier, Saudi Arabia has extended the term for the deposit of $3 billion maturing on 5 December 2024 for another year. SBP announced it in a statement on Thursday, a development that would boost the national economic growth. The said amount has been placed with State Bank of Pakistan (SBP) on behalf of Islamic Republic of Pakistan, the central bank said. The extension of the term of the deposit is continuation of the support provided by Saudi Arabia to Pakistan, which will help in strengthening the foreign exchange reserves of Pakistan and contribute to the country’s economic growth and development. It is worth noting that the $3 billion deposit agreement was initially signed with SFD in the year 2021 and subsequently rolled over in 2022 and 2023, after the issuance of the royal directives that reflect the continuation of the close relationship between the two brotherly countries. More from this category Copyright ©2024. Reproduction of this website's content without express written permission from 'Daily Pakistan' is strictly prohibited.