Foreign exchange: SBP reserves up by $107m to $4bn

The State Bank of Pakistan's (SBP) foreign exchange reserves reached $107 million to $4.019 billion in the week ending June 9, the central bank said on Thursday.

The country's overall reserves increased by $43 million to $9.38 billion. Commercial bank reserves, on the other hand, dropped by $63 million to $5.36 billion.

https://twitter.com/StateBank_Pak/status/1669335937288114177?

In its weekly release, the SBP provided no explanation for the increase in foreign reserves.

Pakistan reportedly paid $1 billion to China on Monday, bringing the SBP reserves down to $3 billion. The finance ministry declined to confirm or deny the media claim.

Pakistan's economy is in disarray due to financial difficulties and a delay in reaching an agreement with the International Monetary Fund (IMF) that would release much-needed cash critical to avoiding default.