The State Bank of Pakistan (SBP) reported a 1.37% increase in foreign exchange reserves on a week-on-week basis, according to data released on Thursday. As of July 7, the SBP’s foreign currency reserves reached $4.5 billion, a $61 million rise compared to $4.4 billion on June 30, 2023.
The central bank did not provide a specific reason for the increase in reserves. However, during the current week, the SBP received inflows of $2.0 billion from Saudi Arabia, $1.0 billion from the United Arab Emirates, and approximately $1.2 billion from the IMF, as stated in a statement. These inflows are expected to further enhance reserves by the week ending on July 14, 2023.
Total liquid foreign currency reserves, including reserves held by other banks besides the SBP, amounted to $9.8 billion. The net reserves held by banks stood at $5.3 billion.
Published in The Express Tribune, July 14th, 2023.
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