SBP-held forex reserves increase $67 million, stand at $7.9 billion

Karachi: The State Bank of Pakistan's foreign exchange reserves jumped $67 million to reach still an alarming level of $7.9 billion till August 12, 2022.

Total liquid foreign reserves held by the country stood at $13.61 billion, said the SBP on Thursday. Net foreign reserves held by commercial banks amounted to $5.72 billion.

"During the week ended August 12, 2022, SBP’s reserves increased by $67 million to $7,897.3 million,” the SBP said in a statement.

The reserves’ position is critical for Pakistan which is desperately seeking dollar inflows to meet its balance-of-payments needs.

A low level of reserves caused severe pressure on its currency market with the rupee witnessing its worst monthly performance in July in over 50 years.

Since then, the rupee has gained on grounds that Pakistan met all prior conditions of the International Monetary Fund (IMF), a development that would help it secure $1.17 billion of inflow under the Extended Fund Facility (EFF).