Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $17 million on a weekly basis, clocking in at $7.91 billion as of March 8, data released on Thursday showed.

Total liquid foreign reserves held by the country stood at $13.15 billion. Net foreign reserves held by commercial banks stood at $5.24 billion.

The central bank did not specify a reason for the increase in the reserves.

“During the week ended on 08-Mar-2024, SBP’s reserves increased by US$ 17 million to US$ 7,912.9 million,” it said.

Last week, Pakistan’s central bank reserves had decreased by $54 million.

Meanwhile, discussions between the Pakistani government and the International Monetary Fund (IMF) on the final review of the $3 billion Stand-By Arrangement (SBA) are expected to start from today.

Pakistan is to receive $1.1 billion as the last tranche of the SBA, provided a successful review by the IMF.

The inflow from the Bretton Woods institution will bring an uptick in the reserves and also prove to be a positive indicator for the country’s ailing economy.