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.
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.
