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SBP’s Foreign Reserves See Marginal Improvement, Now Stand at $8.05 Billion

The State Bank of Pakistan’s (SBP) foreign exchange reserves recorded a slight increase on a weekly basis, as per central bank data released on Thursday.

The SBP reported its foreign reserves at $8.057 billion as of February 9, up by $12 million compared to $8.045 billion on February 2.

Including the foreign currency holdings by banks other than the SBP, the total liquid foreign reserves of the country stood at $13.149 billion, showing an increase of $51 million over the previous week.

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The net reserves held by banks saw an increase of $39 million to reach $5.093 billion by the end of the week.

The marginal improvement in SBP’s reserves provides some relief amidst the economic crisis. However, reserves are still at critically low levels, only enough to cover around a month of imports. The government is pursuing options to boost reserves including foreign loans and support from friendly countries. Stabilizing reserves remains one of the biggest near-term challenges for the economy.

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