The foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by over $300 million in the week ending April 14 after the government received a commercial loan.
“The increase in SBP reserves is mainly due to receipt of $300 million of GoP commercial loan,” a statement from the central bank said Thursday, as the nation desperately seeks funding to shore up its reserves.
In the statement, the SBP mentioned its reserves have jumped to $4.43 billion as of April 14, which will provide an import cover of less than a month — a position that has been the same for several months now.
Net foreign reserves held by commercial banks stood at $5.53 billion, $1.1 billion more than the central bank, taking the total liquid foreign reserves to $9.96 billion.
