After a decline of $3.6 billion during the last eight weeks, the foreign exchange reserves held by the central bank increased by 6 percent on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.
On January 13, the foreign currency reserves held by the SBP were recorded at $4.601 billion, up $258 million compared to $4.343 billion on January 6.
Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $10.444 billion. The net reserves held by banks stood at $5.842 billion, registering a decrease of $2 million during the week.
According to Arif Habib Limited, the current reserves are enough for import cover of just 0.92 months, a slight improvement from last week.
Earlier in the week, State Bank of Pakistan (SBP) Governor Jameel Ahmad claimed that the country’s critically low foreign exchange reserves would start to improve as dollar inflows are expected from next week.
The Abu Dhabi Fund for Development (ADFD) has also rolled over its deposit of $2 billion with the State Bank of Pakistan (SBP).
Once govt equals USD to open market, and discourage the property mafia with high taxes, i can bet rupee will move to productive business.
But govt officials are also involved in such scams. They will never work jn the best interest of country