KARACHI: The State Bank of Pakistan’s foreign exchange reserves have increased by $280 million to $4.6 billion as of March 17, data released on Friday showed.
This is the sixth successive increase in central bank-held reserves on a weekly basis, but the overall number still stands at a critical level at around a month of import cover.
Total liquid foreign reserves held by the country stood at $10.14 billion. Net foreign reserves held by commercial banks clocked in at $5.54 billion.
“During the week ended on March 17, 2023, SBP received $500 million as government of Pakistan commercial loan disbursement. After accounting for external debt repayments, SBP reserves increased by $280 million to $4,598.7 million,” said the SBP.
Last week, foreign exchange reserves held by the SBP increased $18 million.
Earlier during the month, The Industrial and Commercial Bank of China gave Pakistan its second installment of $500 million (ICBC). Pakistan has gotten $1.7 billion from China overall, and an additional $300 million is anticipated.
However, despite ongoing negotiations, the crucial International Monetary Fund (IMF) program is still in limbo because Pakistan recently announced a new gasoline subsidy.
