SBP governor says forex reserves soar to two-month import cover

Karachi: State Bank of Pakistan (SBP) Governor Jameel Ahmed said on Wednesday that Pakistan’s foreign exchange reserves had jumped to cover two months' worth of imports after the arrival of the first tranche from the International Monetary Fund’s (IMF) 37-month loan deal under the $7 billion Extended Fund Facility (EFF).

The central bank received the first tranche of $1.03bn (SDR 760 million) on September 30. 

Addressing a banking conference, Ahmed said that the foreign exchange reserves had stabilised and further improvements were also expected.

The governor expressed satisfaction over the government’s fiscal situation, which he said had also improved.