Foreign exchange reserves held by the State Bank of Pakistan (SBP) have increased by 0.14% on a week-on-week basis, reaching $8.1 billion, according to data released by the central bank on Thursday.
By the end of the week on August 11, 2023, the central bank’s foreign currency reserves were recorded at $8,055.3 million, indicating an increase of $12 million compared to the previous week’s $8,043.4 million.
The SBP cited no reason for the increase in Pakistan’s forex reserves.
Total liquid foreign currency reserves, including those held by commercial banks, reached $13,379 million. Among these, the commercial banks had reserves of $5,323.7 million.
The country’s reserves recorded a significant improvement in July following financial assistance from the International Monetary Fund (IMF) and friendly nations.
Pakistan secured approximately $1.2 billion from the IMF through a new $3 billion loan programme spanning nine months.
Additionally, Saudi Arabia and the United Arab Emirates (UAE) contributed deposits amounting to a few billion dollars. China’s assistance in the form of loan rollovers further boosted the reserves, bringing them to levels capable of covering two months of imports.
Published in The Express Tribune, August 18th, 2023.
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