Move is aimed at boosti­ng foreig­n curren­cy reserv­es, easing pressu­re on intern­ationa­l paymen­tsKARACHI: The United Arab Emirates (UAE), one of the top friendly countries, on Tuesday deposited a second tranche of $1 billion into the State Bank of Pakistan’s (SBP) foreign currency reserves to help ease international payment pressure on Islamabad. “Yes, we have received $1 billion from the UAE,” SBP spokesman Abid Qamar confirmed to The Express Tribune. The SBP reserves will swell to around $12 billion with the receipt of $4.1 billion. UAE comes to Pakistan’s aid with $3b packageThe SBP reserves stood at $8.11 billion as on March 1, 2019, according to the central bank’s latest data. In December 2018, the UAE offered exactly the same bailout package as that announced by Saudi Arabia in October 2018 to shore up Islamabad’s foreign currency reserves.

Source: The Express Tribune March 12, 2019 16:18 UTC