Pakistan forex reserves surge to $16.69 billion

Pakistan’s total foreign reserves have surged to $16.69 billion mainly on account of inflows from the Asian Development Bank (ADB).

The State Bank of Pakistan (SBP) received $500 million loan from ADB to combat climate change and to help improve foreign exchange reserves on November 29.

The SBP received the funds from the ADB as proceeds of a loan to the government of Pakistan for the Climate Change and Disaster Resilience Enhancement Program (CDREP).

According to a notification from the SBP issued on Thursday, the foreign reserves held by SBP increased by $620 million to $12.038 billion, while net foreign reserves with commercial banks stood at $4.58 billion as of November 29.