SBP Reserves Increase by $31 Million to $7.64 Billion

The foreign exchange reserves held by the central bank increased by $31 million on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On October 6, the foreign currency reserves held by the SBP were recorded at $7.647 billion, up $31 million compared to $7.615 billion on September 28. Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $13.030 billion, down $1 million over the previous week. The net reserves held by banks stood at $5.383 billion, registering a decline of $32 million during the week. According to Arif Habib Limited, the current reserves are enough for import cover of 1.65 months. Despite slight changes on a weekly basis, over the last few weeks, the reserves held by the central bank have largely been stable around the $7.6 billion mark.