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Home Business Pakistan’s forex reserves surge by $56.4 million in just one week: SBP

Pakistan’s forex reserves surge by $56.4 million in just one week: SBP

Nation's total reserves also witnessed a positive trend, growing by $107.5 million or 0.82pc

by NWMNewsDesk
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Pakistan’s foreign exchange reserves received a modest boost as the State Bank of Pakistan (SBP) reported a week-on-week increase of $56.4 million, reaching $7.7 billion by September 15, 2023.

The nation’s total reserves also witnessed a positive trend, growing by $107.5 million or 0.82% during the same period, reaching $13.19 billion.

Commercial banks contributed to this rise, with their reserves increasing by $51.1 million or 0.94%, reaching a total of $5.49 billion.

The recent improvement in Pakistan’s foreign reserves can be traced back to key agreements made earlier this year. In June, Pakistan reached a significant agreement with the International Monetary Fund (IMF), which led to a disbursement of $1.2 billion.

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Additionally, Saudi Arabia and the United Arab Emirates extended generous loans totaling $3 billion. These financial injections brought Pakistan’s foreign reserves to a substantial $14.07 billion.

As a result of these developments, the current fiscal year has witnessed an impressive increase in total liquid foreign reserves, surging by $4.01 billion or 43.62%.

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