China Deposits $2.3BN in SBP Reserves, Confirms Miftah Ismail

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ISLAMABAD It is reported that the State Bank of Pakistan (SBP) has been granted a Chinese consortium loan amounting to RMB 15 billion ($2.3 billion) to help replenish the declining reserves of foreign exchange the Finance Minister Miftah Ismail confirmed on Friday.

In a post on Twitter, the minister of finance posted: “I am pleased to announce that a Chinese consortium loan of RMB 15 billion (roughly $2.3 billion) has been credited into SBP account today”.

Miftah Ismail stated that the loan granted by China has boosted the reserves of foreign currency in the country.

It is relevant to note that Pakistan has signed a loan facility contract with a Chinese group of banks to help replenish the declining reserves of foreign exchange as well as the decline in the value of the local currency.

“We thank the Chinese government for facilitating this transaction,” wrote the finance minister on Twitter.