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Home Business SBP reserves falls on second consecutive week

SBP reserves falls on second consecutive week

Overall foreign exchange reserves for Pakistan stands at $13.03 billion

by NWMNewsDesk
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Pakistan’s foreign exchange reserves witnessed a notable increase, albeit with a dip in the State Bank’s holdings by $3.1 million, bringing the total to $7.64 billion.

According to data released by the Central Bank, the foreign exchange reserves of the State Bank of Pakistan experienced a weekly decrease of $3.1 million, ultimately reaching $7.64 billion as of October 6.

The overall foreign exchange reserves for Pakistan amounted to $13.03 billion, with commercial banks contributing $5.39 billion to this total.

While the Central Bank hasn’t provided a specific reason for this increase in foreign exchange reserves, one plausible explanation could be the surge in remittances from overseas Pakistanis during September.

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In the week concluding on October 6, 2023, the State Bank of Pakistan’s reserves dropped by $31 million, leading to the central bank’s reserves totaling $7.64 billion.

It’s worth noting that the upswing in the State Bank’s foreign exchange reserves can be attributed to various sources. Pakistan received a substantial installment of $1.2 billion from the International Monetary Fund (IMF) in July. Additionally, $3 billion was secured from other creditors, including Saudi Arabia and the United Arab Emirates. This financial influx followed the approval of a standby arrangement.

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