A statement issued by the State Bank of Pakistan (SBP) said that foreign exchange reserves held by the central bank increased by 6.3 percent on a weekly basis.
According to the data released on Friday, on March 17, foreign currency reserves with the State Bank were recorded at $4.599 billion, which was $4.319 billion on March 10, which has increased by $280 million.
According to the data released by the State Bank, the total foreign exchange reserves with the central bank and other commercial banks in the country have increased by 292 million dollars to 10.130 billion dollars.
According to the statistics, a decrease of 13 million dollars was recorded in the deposits of commercial banks last week, after which the deposits of commercial banks remained at 5.541 billion dollars.
Good news for Pakistan’s economy, China defers $2 billion loan repayment
According to Arif Habib Limited, current reserves only cover less than a month’s worth of imports.
It is worth mentioning here that China has approved a rollover of loans worth $2 billion for one year.
The central bank has also received $1 billion from the Industrial and Commercial Bank of China (ICBC) in recent weeks, with another $300 million expected in the coming weeks.
On the other hand, Pakistan has not yet been able to get any financial assistance from other friendly countries due to which the IMF talks are delayed.