KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) have increased by $67 million in just one week to reach a total of $7.7 billion as of October 13, according to data released on Thursday.
When we consider the total liquid foreign reserves held by Pakistan, the number stands at $12.9 billion as commercial banks in the country hold net foreign reserves of $5.2 billion.
The central bank didn’t provide a specific reason for this recent boost in reserves.
The official statement read, “During the week ending on October 13, 2023, SBP’s reserves increased by $67 million, reaching $7,714.0 million.”
This comes on the heels of a $31 million increase in Pakistan’s central bank reserves in the previous week.
In July of this year, the State Bank of Pakistan received a significant boost in reserves as Pakistan received the first instalment of approximately $1.2 billion from the International Monetary Fund (IMF) following the approval of a new $3-billion Stand-By Arrangement.
Additional financial inflows were also received from Saudi Arabia and the UAE.
However, despite these positive developments, the central bank’s reserves have been under pressure due to the necessity of making debt repayments, increased payments for imports following the easing of restrictions, and a lack of fresh inflows.
