The foreign exchange reserves held by the central bank increased slightly on a weekly basis after registering three consecutive declines, according to data released by the State Bank of Pakistan (SBP) on Thursday.

On August 11, the foreign currency reserves held by the SBP were recorded at $8.055 billion, up $12 million compared to $8.043 billion on August 4.

Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $ 13,379 billion, up $40 million over the previous week. The net reserves held by banks stood at $5.324 billion, registering an increase of $28 million during the week.

According to Arif Habib Limited, the country’s import cover remains less than two months (1.88 months to be precise).

It is pertinent to mention here that on July 14, the foreign currency reserves held by the SBP were recorded at $8.727 billion, after inflows of over $4 billion from Saudi Arabia, United Arab Emirates (UAE) and the International Monetary Fund (IMF). However, the reserves registered three successive declines in the following weeks as reserves slumped to $8.043 billion on August 4.

Source: Pro Pakistani