KARACHI – The foreign exchange reserves held by the State Bank of Pakistan (SBP) rose by $66 million to $3.258 billion in the week ending on February 17, the central bank said on Thursday.
According to SBP, net foreign reserves held by commercial banks witnessed a decline of $41 million to reach at $5.468 billion, bringing the country’s total liquid foreign reserves to $8.726 billion.
Total liquid foreign #reserves held by the country stood at US$ 8.73 billion as of February 17, 2023.
For details https://t.co/WpSgomnd3v pic.twitter.com/5BM0gGKRVG— SBP (@StateBank_Pak) February 23, 2023
Arif Habib Ltd calculated that the current reserves would cover a around three weeks of imports.
SBP reserves increased by 66mn to USD 3.3bn
Total reserves: $ 8.7bn, up by $ 24mn
SBP: $ 3.3bn, up by $ 66mn
Banks reserves: $ 5.5bn, down by $ 41mn
Import cover: 0.68 months
@StateBank_Pak #SBP #FXReserves #Pakistan #Economy #AHL pic.twitter.com/vz0L4tHM7s— Arif Habib Limited (@ArifHabibLtd) February 23, 2023
Last week, Pakistan’s foreign exchange reserves increased by $276 million to rise above $3 billion.
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.
USD to PKR: Pakistani rupee gains Rs1.45 against dollar in inter-bank
