Pakistan’s foreign exchange reserves jumped to a two-month import cover after receiving the first installment from the International Monetary Fund’s $7 billion Extended Fund Facility, State Bank Governor Jameel Ahmed said on Wednesday, giving the fiscally-challenged country’s external position a much-needed boost for now. The central bank received the first tranche of $1.03 billion (SDR 760 million) on Monday, September 30, 2024.
The liquid reserves now stand at $10 billion, providing much-needed stability to the country’s foreign exchange position.
“The foreign exchange reserves have stabilised, and we expect further improvements,” Ahmed said speaking at a banking conference.
The central bank chief highlighted that the recent IMF disbursement has eased pressure on the rupee, ensuring a smooth supply of dollars in the market.
