Pakistan’s foreign reserves increase by $620 million.

The State Bank of Pakistan announced that “the total foreign reserves of Pakistan increased to US$16.62 billion, bolstered by a recent loan transfer from the Asian Development Bank (ADB), while the SBP reserves exceeded $12 billion as of November 29, 2024.”

The SBP reported that the central bank’s total liquid foreign exchange reserves rose by $620 million to $12,038.3 million following an official inflow of $500 million from the ADB.

The State Bank of Pakistan has obtained $500 million from the Asian Development Bank (ADB) as a policy-based loan for the Climate Change and Catastrophe Resilience Enhancement Program (CDREP) to bolster catastrophe risk reduction and resilience in Pakistan.

During the reviewed week, the net foreign reserves maintained by commercial banks were reported at $4,581.7 million, according to the State Bank of Pakistan.

It is noteworthy that Pakistan’s total liquid foreign reserves amounted to $16,076.2 million for the week ending November 22.

The central bank’s foreign reserves amounted to $11,418.5 million, while commercial banks possessed net reserves of $4,657.7 million, it further indicated.

Concurrently, Saudi Arabia has opted to prolong the duration of its $3 billion safe deposit aid to Pakistan.

The SBP said that Saudi Arabia has prolonged its $3 billion deposit with Pakistan for one additional year.

The Saudi Fund for Development (SFD), representing the Kingdom of Saudi Arabia, has prolonged the maturity of the USD 3.00 billion deposit, originally due on 5 December 2024, by an additional year, as stated by the SBP.