Pakistan's foreign reserves exceed $14.6b: SBP

The State Bank of Pakistan (SBP) declared on Thursday that Pakistan's foreign reserves have exceeded 14.6 billion dollars.
According to the 24News HD TV channel, the SBP on Thursday declared the total amount of the reserves after receiving 4.2 billion dollars from IMF, Saudi Arabia and United Arab Emirates (UAE) in July.
The report said by July 14, the SBP's reserves increased from $4.52 billion to $8.72 billion while the reserves of commercial banks increased by 2.40 billion dollars to 5.33 billion dollars.
The State Bank said the country's total reserves exceeded 14.6 billion dollars with an increase of 4.22 billion dollars as it received 2 billion dollars from Saudi Arabia, 1.20 billion dollars from International Monetary Fund and one billion dollars from UAE till July 14.
Finance Minister Ishaq Dar said on Thursday that out of a total of $3 billion that the IMF Executive Board had approved for Pakistan in loan under the staff-level agreement, the country had already received the first tranche of $1.2 billion.
He said that following the transfer of the amount to the State Bank of Pakistan (SBP) and a deposit of $2bn made by Saudi Arabia and another $1bn received from the United Arab Emirates (UAE), the bank reserves had increased by $4.2 billion.
On July 13, the IMF approved a 9-month Stand-By Arrangement (SBA) for Pakistan for an amount of about $3 billion days after reaching a staff-level agreement with the country.