KARACHI: Pakistan’s foreign exchange reserves recorded a significant increase after the government received funds under a commercial loan arrangement.
The latest inflow pushed the reserves held by the State Bank of Pakistan (SBP) above the $18 billion mark, while the country’s total reserves also registered a sizeable weekly rise.
According to data released by the State Bank, its foreign exchange reserves increased by $1.21 billion, rising from $17.11 billion to $18.3282 billion. The increase came after the receipt of the commercial loan amount by the government.
The fresh inflow provided a notable boost to the central bank’s foreign currency holdings, which had previously stood at $17.11 billion. Following the latest increase, SBP reserves now stand at $18.32 billion, according to the figures.
Bank holdings
Foreign exchange reserves held by commercial banks, however, moved in the opposite direction during the period under review. Their reserves declined by $23 million, bringing the total to $5.3876 billion.
The fall in commercial banks’ holdings partly offset the larger increase recorded in the State Bank’s reserves. Despite the decline, the combined reserves of the central bank and commercial banks posted a substantial overall increase.
