Pakistan’s Liquid Foreign Reserves Position

The total liquid foreign reserves held by the country stood at US$14,889.9 million on 31May2019.The break-up of the foreign reserves position is as under: –

Foreign reserves held by the State Bank of Pakistan: US$ 7,862.4 million

Net foreign reserves held by commercial banks : US$ 7,027.5 million

Total liquid foreign reserves             : US$ 14,889.9 million

During the week ending 31May2019, SBP’s reserves decreased by US$148 million to US$7,862.4 million, due to payments on account of external debt servicing.

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Standard Chartered promotes Gateway to ‘Belt and Road’ opportunities

Experts from Standard Chartered’s Greater China Region hosted road shows in Sri Lanka, Bangladesh and Pakistan to outline the benefits of and investment opportunities from China’s B&R initiative, together with Renminbi internationalisation. The purpose of these roadshows is to enable our clients to take advantage of the benefits presented by China-led Belt & Road initiative (B&R), which is also bringing more cooperation opportunities for Pakistan and China.The B&R initiative, the biggest support to globalisation in the world today, is aiming to boost trade and investment growth across Asia, extending to the Middle East, Africa and Europe.

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MCB Bank and TCS enter into alliance for mutually beneficial services

MCB Bank Ltd, one of Pakistan’s largest private sector banks, has entered into an agreement with one of the country’s largest logistics services providers TCS Pvt. Ltd. for mutually beneficial services. With the collaboration, MCB customers will gain access to affordable holiday packages to premium destinations worldwide through TCS Intiana Travel and Tours services.

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SBP will continue to closely monitor the foreign exchange markets

According to State bank of Pakistan, today, the PKR-US$ exchange rate in the interbank market closed at PKR 115 per US$ and witnessed an intraday high and low of PKR 116.25 per US$ and PKR 110.60 per US$, respectively.

Exports and workers’ remittances have posted promising growth rates of 12.2 percent and 3.4 percent respectively during July-February FY18 after showing a decline in the same period last year.

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