The State Bank of Pakistan (SBP) has reported a 0.41% increase in its foreign exchange reserves on a week-on-week basis, with the total now standing at $7.65 billion.
According to data released by the central bank on Thursday, its foreign currency reserves rose by $31.3 million to $7,646.7 million in the week ending on October 6, 2023, compared to the previous week’s tally of $7,615.4 million.
The SBP cited no reason for the increase in reserves. The overall liquid foreign currency reserves of the country, including the reserves held by commercial banks, amounted to $13,030.1 million. Commercial banks held reserves of $5,383.4 million.
The central bank’s reserves have improved modestly in the past few months, primarily due to financial assistance from the International Monetary Fund (IMF) and friendly nations.
Under a $3 billion loan programme spanning nine months, the IMF provided the first tranche of $1.2 billion while Saudi Arabia and the UAE deposited $3 billion in SBP’s accounts.
Debt rollovers by China also provided crucial support to Pakistan's foreign currency reserves.
Published in The Express Tribune, October 13th, 2023.
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