SBP Reserves Cross $4 Billion Mark After Increase of $107 Million

After declining for six straight weeks, the foreign exchange reserves held by the central bank increased by 2.7 percent on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.

On June 9, the foreign currency reserves held by the SBP were recorded at $4.019 billion, up $107 million compared to $3.912 billion on June 2.

Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $9.378 billion, up $43 million over the previous week. The net reserves held by banks stood at $5.360 billion, registering a decrease of $63 million during the week.

The increase means that the country’s import cover has improved marginally. According to Arif Habib Limited, despite the increase, the reserves are not enough to cover one-month imports.

It is pertinent to mention here that according to a report in Express Tribune, a $1 billion payment to China was made on Monday (June 12), which has pushed reserves below $3 billion.

Source: Pro Pakistani