Forex reserves rise $14m to $7.51b

SBP cites no reason for increase in reserves

KARACHI:

Pakistan’s foreign exchange reserves rose by 0.18% on a week-on-week basis, with the total standing at $7.51 billion, according to data released by the State Bank of Pakistan (SBP) on Thursday.

In the week ended on October 27, 2023, the central bank’s foreign currency reserves stood at $7,507.8 million, up $13.6 million as compared to the previous week’s tally of $7,494.2 million. The SBP cited no reason for the increase in reserves. Total liquid foreign currency reserves of the country, including the reserves held by commercial banks, reached $12,576.6 million. Banks had reserves of $5,068.8 million.

Earlier, the reserves improved significantly following financial assistance from the IMF under its $3 billion standby arrangement and dollar deposits by friendly nations.

Published in The Express Tribune, November 3^rd, 2023.

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