SBP-held reserves rise to $4.6bn on Chinese loan

SBP-held reserves rise to $4.6bn on Chinese loan

The State Bank of Pakistan (SBP)-held foreign exchange reserves upheld their uptrend for the sixth consecutive session, rising $280 million during the week ended March 17.

Foreign exchange reserves amplified by $280 million to $4.6 billion as of the week ended March 17, the central bank said in its weekly bulletin.

A rise was seen after the central bank received $500 million from a Chinese bank last week, subsequently, the current position of reserves will provide an import cover of around a month.

The net forex reserves held by commercial banks stand at $5,540.5 million, $941.8 million more than the SBP, carrying the total liquid foreign exchange reserves of the country to $10,139.2 million, the statement mentioned.