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KARACHI: The foreign exchange reserves held by the central bank rose 0.9 percent throughout the week ended on August 12, according to data released by the State Bank of Pakistan (SBP) on Thursday.
Overall liquid foreign currency reserves held by the country, including banks’, stood at $13.613 billion.
Sharing break-up of the foreign reserves position, the central bank said that the foreign currency reserves held by the SBP were recorded at $7.897 billion, up $67 million compared to $7.830 on August 5.
Net reserves held by banks stood at $5.716 billion, registering a decrease of $15 million.
The reserves’ position is critical for Pakistan which is desperately seeking dollar inflows to meet its balance-of-payments needs. A low level of reserves caused severe pressure on its currency market with the rupee witnessing its worst monthly performance in July in over 50 years.
Since then, the rupee has gained on grounds that Pakistan met all prior conditions of the International Monetary Fund (IMF), a development that would help it secure $1.17 billion of inflow under the Extended Fund Facility (EFF).
Earlier in the day, Finance Minister Miftah Ismail had announced that Pakistan has sent back the signed letter of intent (LoI) to the International Monetary Fund (IMF).
Speaking to the media in Islamabad, Miftah Ismail said that the LoI was sent to the IMF after being signed by him and acting governor of State Bank of Pakistan (SBP).