SBP reserves surge 10.85pc, stand at $8.05bn  

The foreign exchange reserves held by the central bank increased by 10.85pc WoW, breaking a two-week losing streak, according to data released by the State Bank of Pakistan (SBP) on Thursday.

Earlier, the reserves had been on a downward spiral for 14 successive weeks but financial assistance from Saudi Arabia provided much-needed support for the fast depleting reserves.

The reserves had dropped to a four-and-a-half-year low, which raised concern about Pakistan’s ability to meet its financing requirements. However, the assistance from the kingdom pushed the reserves above $8 billion.

Overall, liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $14,584.5 million. Net reserves held by banks amounted to $6,536.2 million.

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Last month, Chinese Embassy Deputy Head of Mission Zhao Lijian assured Pakistan of a financial package to boost its flagging foreign currency reserves, hinting that it would be bigger than that pledged by Saudi Arabia.

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