Forex reserves rise $12m to $8.1b


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KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) have increased by 0.14% on a week-on-week basis, reaching $8.1 billion, according to data released by the central bank on Thursday.

By the end of the week on August 11, 2023, the central bank’s foreign currency reserves were recorded at $8,055.3 million, indicating an increase of $12 million compared to the previous week’s $8,043.4 million.

The SBP cited no reason for the increase in Pakistan’s forex reserves.

Total liquid foreign currency reserves, including those held by commercial banks, reached $13,379 million. Among these, the commercial banks had reserves of $5,323.7 million.

The country’s reserves recorded a significant improvement in July following financial assistance from the International Monetary Fund (IMF) and friendly nations.

Pakistan secured approximately $1.2 billion from the IMF through a new $3 billion loan programme spanning nine months.

Additionally, Saudi Arabia and the United Arab Emirates (UAE) contributed deposits amounting to a few billion dollars. China’s assistance in the form of loan rollovers further boosted the reserves, bringing them to levels capable of covering two months of imports.

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