September 08, 2022 (MLN): From the inflows from International Monetary Fund (IMF) under Extended Fund Facility (EFF) Program, the total liquid foreign exchange reserves held by the country surged by $1.07 billion or 8% WoW to stand at $14.47bn during the week ended on September 02, 2022, compared to $13.40bn in the previous week, weekly data released by the State Bank of Pakistan (SBP) on Thursday showed.
Data further revealed that reserves held by the central bank during the week jumped by $1.10bn or 14.32% WoW to clock in at $8.79bn compared to $7.69bn in the outgoing week.
On the other hand, reserves of commercial banks dropped by $32.8mn or 0.57% WoW to $5.7bn.
It is pertinent to mention that the central bank during the previous week ended on September 02, 2022, received $1.16bn from IMF under EFF which has boosted the foreign exchange reserves significantly.
However, the position of foreign exchange reserves is still very critical as the current level of currency reserves is barely enough to cover 1.25 months of import bills.
