The State Bank of Pakistan’s (SBP) foreign currency reserves rose above $16 billion after the central bank received $2.5 billion as proceeds of Eurobonds floated by the government.

Pakistan had borrowed $2.5 billion through Eurobonds on March 30 in a bid to build foreign exchange reserves.

Earlier in the day, the SBP reported that its foreign exchange reserves fell 1.06% on a weekly basis.

On April 2, the foreign currency reserves held by the SBP were recorded at $13,527.2 million, down $146 million compared with $13,673 million in the previous week.

According to the central bank, the fall came on the back of external debt repayments. Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $20,679.4 million.

Net reserves held by banks amounted to $7,152.2 million. Pakistan received the first loan tranche of $991.4 million from the IMF on July 9, 2019, which helped bolster the reserves.

In late December 2019, the IMF released the second loan tranche of around $454 million. The reserves also jumped on account of $2.5 billion in inflows from China.

In 2020, the SBP successfully made foreign debt repayment of over $1 billion on the maturity of Sukuk.