However, financial assistance from the United Arab Emirates (UAE) and Saudi Arabia helped shore up the foreign exchange reserves. On March 1, the foreign currency reserves held by the SBP were recorded at $8,116.5 million, up $79.7 million compared with $8,036.8 million in the previous week. Overall, the liquid foreign currency reserves, held by the country, including net reserves held by banks other than the SBP, stood at $14,956.2 million. Foreign exchange: SBP reserves drop $6m to stand at $8.04bIn November last year, Chinese Embassy Deputy Head of Mission Zhao Lijian assured Pakistan of a financial package to boost its foreign currency reserves, hinting that it would be bigger than that pledged by Saudi Arabia. In January last year, the SBP made a $500-million loan repayment to the State Administration of Foreign Exchange (SAFE), China.

Source: The Express Tribune March 07, 2019 16:41 UTC