Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by $482 million, clocking in at nearly $3.54 billion as of June 16, data released on Thursday showed.

The overall number stands at a critical level at around a month of import cover.

Total liquid foreign reserves held by the country stood at $8.86 billion. Net foreign reserves held by commercial banks clocked in at $5.33 billion.

“During the week ended on June 16, 2023, SBP reserves decreased by $482 million to $3,536.9 million due to external debt repayment,” said the SBP.

“During the current week, SBP has received $300 million proceeds of government of Pakistan commercial loan. These inflows shall be incorporated in the reserves position to be published as of June 23, 2023.”

Last week, the foreign exchange reserves held by SBP increased $107 million to $4.02 billion.

The critical level of foreign exchange reserves underscores the need for revival of the stalled programme with the International Monetary Fund (IMF).