SBP’s foreign exchange reserves surge by $596 million


KARACHI – The foreign exchange reserves held by the State Bank of Pakistan (SBP) rose by $596 million to $3.814 billion in the week ending on February 24, the central bank said on Thursday.

According to SBP, net foreign reserves held by commercial banks witnessed a decline of $14 million to dip to $5.453 billion, bringing the country’s total liquid foreign reserves to $9.267 billion.

Arif Habib Ltd calculated that the current reserves would cover around less than one month’s worth of imports.

The upward trend in foreign exchange reserves came after the cash-strapped Pakistan received a deposit of $700 million from the China Development Bank.Last week, the SBP’s foreign exchange reserves witness an increase of $66 million to stay above $3.25 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.

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