The State Bank of Pakistan's (SBP) foreign exchange reserves saw an increase of $84 million, reaching $11.26 billion during the week ending November 8, 2024, according to data released by the central bank on Thursday. This marks a 0.75% week-on-week rise.
The country’s total liquid foreign reserves also experienced a slight uptick, growing by $33.7 million or 0.21% week-on-week to stand at $15.97 billion.
However, reserves held by commercial banks declined, decreasing by $50.3 million or 1.06% to settle at $4.71 billion.
Since the beginning of the current fiscal year, SBP-held reserves have risen by $1.87 billion, reflecting a notable increase of 19.91%. On a calendar year basis, reserves have surged by $3.04 billion, translating to a 36.95% increase.
The central bank did not provide specific details regarding the reasons for the latest rise in reserves. However, it noted, “During the week ended on 08-Nov-2024, SBP reserves increased by US$ 84 million to US$ 11,258.6 million.”
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