Pakistan to Get $2 Billion From UAE Soon

March 10, 2019 Off By Web Desk

Pakistan is going to receive a tranche of $2 billion funds from the United Arab Emirates in coming days on the account of deposits which will further improve the position of the country’s foreign exchange reserves.

In this regard, an agreement has been signed between Abu Dhabi Fund for Development (ADFD) and State Bank of Pakistan (SBP) for the placement of the second tranche of $2 billion According to a notification issued by the central bank, these funds are expected to be received shortly.

The first tranche of $1 billion was received by SBP back in January 2019.

The overall foreign exchange reserves of Pakistan increased to $14.9 billion by the end of March 1. The central bank maintains reserves of $8.1 billion whereas commercial banks hold reserves of $6.8 billion.

Source: Pro Pakistan