[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]According to data released by the State Bank of Pakistan (SBP) on Thursday, the central bank’s foreign exchange reserves increased by around 10% on a weekly basis.
The SBP’s foreign currency reserves were recorded at $4.433 billion on April 14, up $394 million from $4.038 billion on April 7.
The central bank stated in a statement that “the increase in reserves was primarily due to the receipt of a $300 million commercial loan from the Government of Pakistan.”
Also Read: Govt plans to consider forex firms’ proposal to increase foreign reserves.
The Industrial and Commercial Bank of China (ICBC) recently approved the third and final $300 million disbursement under its $1.3 billion arrangement with Pakistan.
The country’s total liquid foreign currency reserves, including net reserves held by banks other than the SBP, stood at $9.965 billion, up $400 million from the previous week. The net reserves held by banks stood at $5.532 billion, up $6 million from the previous week.
According to Arif Habib Limited, current reserves are sufficient for less than 0.97 months of import cover, a slight improvement over last week’s import cover of 0.88 months.[/vc_column_text][/vc_column][/vc_row]
