Foreign exchange: SBP reserves up by $107m to $4bn

KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $107 million to $4.019 billion during the week ending June 9, the central bank said on Thursday.

The total reserves of the country rose by $43 million to $9.38 billion. The reserves of commercial banks, however, fell by $63 million to $5.36 billion.

SBP did not give any reason for the increase in foreign reserves increased in its weekly announcement.

Pakistan reportedly paid $1bn to China on Monday, which brought down the SBP reserves to $3bn. The finance ministry neither confirmed nor denied the media report.

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Pakistan’s economy is in turmoil amid financial woes and the delay in an agreement with the International Monetary Fund (IMF) that would release much-needed funding crucial to avoid the risk of default.