Pakistan’s foreign exchange reserves rise by $18m

Islamabad: Pakistan’s foreign exchange reserves held by the central bank rose by $18 million in the week ending on March 10, the State Bank of Pakistan (SBP) said on Thursday. According to the handout issued by the SBP, its reserves stood at $4.319 billion while net foreign reserves held by commercial banks were $5.527bn. Arif Habib Limited calculated that the reserves were sufficient to cover nearly a month of imports, the Down reported. The central bank said total liquid foreign reserves held by the country stood at $9.846bn.

Pakistan is currently grappling with one of the country’s worst economic crisis amid dwindling foreign exchange reserves. That has raised fears that Pakistan could default, although Sharif insists it pulled the country from the brink of the default when it took over last year.

Sharif has blamed Prime Minister Imran Khan and his government for the economic malaise. Khan was ousted in a no-confidence in Parliament in April, and has since been campaigning for early elections.

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