SBP Reserves Cross $4 Billion Mark After Increase of $107 Million
According to information made public by the State Bank of Pakistan (SBP) on Thursday, the central bank’s foreign exchange reserves increased on a weekly basis after falling for six consecutive weeks.
The SBP’s foreign exchange holdings were valued at $4.019 billion on June 9—an increase of $107 million over the previous day’s figure of $3.912 billion.
The nation’s total liquid foreign currency holdings, which include net reserves held by institutions other than the SBP, were $9.378 billion, an increase of $43 million from the previous week. The net reserves held by banks were $5.360 billion, down $63 million from the previous week.
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The rise indicates a little improvement in the nation’s import coverage. Despite the rise, the reserves, according to Arif Habib Limited, remain insufficient to fund imports for one month.
It is important to note that the reserves have fallen below $3 billion as a result of a $1 billion payment to China on Monday (June 12), according to a story in the Express Tribune.
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