KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $107 million to $4.019 billion during the week ending June 9, the central bank said on Thursday.
The total reserves of the country rose by $43 million to $9.38 billion. The reserves of commercial banks, however, fell by $63 million to $5.36 billion.
Total liquid foreign #reserves held by the country stood at US$ 9.38 billion as of June 09, 2023.
For details https://t.co/WpSgomnKT3#SBPReserves pic.twitter.com/dGb63fH2gw— SBP (@StateBank_Pak) June 15, 2023
SBP did not give any reason for the increase in foreign reserves increased in its weekly announcement.
Pakistan reportedly paid $1bn to China on Monday, which brought down the SBP reserves to $3bn. The finance ministry neither confirmed nor denied the media report.
READ: Foreign exchange: SBP reserves fall $119m to $4.19b
Pakistan’s economy is in turmoil amid financial woes and the delay in an agreement with the International Monetary Fund (IMF) that would release much-needed funding crucial to avoid the risk of default.
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