State Bank of Pakistan (SBP) reported an increase in the country’s foreign exchange reserves after six consecutive weeks of decline. On June 9, the SBP’s foreign exchange holdings stood at $4.019 billion, showing a daily increase of $107 million compared to the previous day’s figure of $3.912 billion.
The total liquid foreign currency holdings of Pakistan, which includes reserves held by institutions other than the SBP, reached $9.378 billion. This indicates a weekly increase of $43 million. However, the net reserves held by banks decreased by $63 million to reach $5.360 billion compared to the previous week.
While the increase in foreign exchange reserves is a positive development, it’s worth noting that the current level is still considered insufficient to provide adequate import cover for the country. Arif Habib Limited, a brokerage and investment advisory firm, has noted that the reserves are not enough to cover one month’s worth of imports.
For up-to-date and comprehensive information, official sources such as the State Bank of Pakistan are regularly updated for better tracking of financial updates.
