According to data released by the State Bank of Pakistan (SBP), foreign exchange reserves held by the central bank increased by $1.18 billion during the week ended on April 24, a 10.85% on a weekly basis.

The central bank attributed the increase to receipt of $1.39 billion from the International Monetary Fund (IMF) under the Rapid Financing Instrument (RFI) to cushion the economic impact of the Covid-19 shock.

“The SBP has also made government’s external debt repayments amounting to $234 million,” the central bank said in a statement.

According to the central bank’s weekly report, its reserves increased by $1.18 billion to $12.7 billion during the last week.

Overall, liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $18,463 million. Net reserves held by banks amounted to $6,392.7 million.