Although Pakistan’s economic situation remains a cause of concern for a vast majority of its people, Pakistan’s foreign exchange reserves rose by $276 million to $3.2 billion in the week ending on February 10, the State Bank of Pakistan (SBP) said on Thursday.
According to SBP, net foreign reserves held by commercial banks stood at $5.5 billion, bringing the country’s total liquid foreign reserves to $8.7 billion.
Total liquid foreign #reserves held by the country stood at US$ 8.70 billion as of February 10, 2023.
For details https://t.co/WpSgomnd3v pic.twitter.com/Bg7WJUryJy— SBP (@StateBank_Pak) February 16, 2023
Arif Habib Ltd calculated that the current reserves would cover a little more than two weeks of imports.
Liquid Foreign Exchange Reserves: 10-Feb-2023
Total: $ 8.7bn, up by $ 163mn
SBP: $ 3.2bn, up by $ 276mn
Banks: $ 5.5bn, down by $ 114mn
Import cover: 0.64 months
@StateBank_Pak #SBP #FXReserves #Pakistan #Economy #AHL pic.twitter.com/iJPtQo3Uvi— Arif Habib Limited (@ArifHabibLtd) February 16, 2023
Last week, Pakistan’s foreign exchange reserves fell below $3 billion due to external debt payments.
The Pakistani government is racing to implement new tax measures and reach an agreement with the International Monetary Fund (IMF).
The agreement with IMF on completion of the ninth review of a $7 billion loan programme would not only lead to a disbursement of $1.2 billion but also unlock inflows from friendly countries.
Pakistan held 10 days of intensive talks with an IMF delegation in Islamabad from Jan 31 to Feb 9, but could not reach a final deal.
The IMF, however, said later that both sides have agreed to stay engaged and “virtual discussions will continue in the coming days to finalise the implementation details” of the policies discussed in Islamabad.
