Foreign exchange: SBP reserves rise $67m to $7.9b

KARACHI: The foreign exchange reserves held by the central bank increased 0.9 percent during the week ended on August 12, according to data released by the State Bank of Pakistan (SBP) on Thursday.

Sharing a break-up of the foreign reserves position, the central bank said that the foreign currency reserves held by the SBP were recorded at $7.897 billion, up $67 million compared to $7.830 on August 5.

Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $13.613 billion.

Net reserves held by banks stood at $5.716 billion, registering a decrease of $15 million.

Earlier in the day, Finance Minister Miftah Ismail had announced that Pakistan has sent back the signed letter of intent (LoI) to the International Monetary Fund (IMF).

Speaking to the media in Islamabad, Miftah Ismail said that the LoI was sent to the    IMF after being signed by him and acting governor of State Bank of Pakistan (SBP).\

It is pertinent to mention here that the International Monetary Fund (IMF) Executive Board meeting for the combined seventh and eighth review under the Extended Fund Facility (EFF) will be held on August 29. The board will approve a tranche of $1.17 billion for Pakistan.