Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased a massive $1.61 billion on a weekly basis, clocking in at $17.34 billion, showed data released by the central bank on Thursday.

The reserves increased as the SBP received US$1.053 billion from the International Monetary Fund (IMF) under the Extended Fund Facility (EFF) programme and proceeds against Pakistan International Sukuk Bond issuance of US$1 billion.

SBP-held foreign exchange reserves fall $463mn, stand at $15.73bn

Last week, SBP-held foreign exchange reserves stood at $15.73 billion after a fall of $463 million.

Meanwhile, total liquid foreign reserves held by the country stood at $23.72 billion on February 4, 2022, stated the SBP. Net foreign reserves held by commercial banks stood at $6.38 billion.

Pakistan has been looking to build its foreign currency reserves on the back of loans, remittances, and higher exports. However, foreign direct investment continues to be an area of concern for policymakers.