Forex reserves rise by $4 million

Central bank gives no reason for increase as reserves hit $7.51 billion

KARACHI:

Pakistan’s foreign exchange reserves increased by 0.05% on a week-on-week basis, totalling $7.51 billion, according to data released by the State Bank of Pakistan (SBP) on Friday.

As of the week ending on November 3, 2023, the central bank’s foreign currency reserves reached $7,511.5 million, marking a $4 million rise compared to the previous week’s total of $7,507.8 million.

The SBP did not provide a reason for the upsurge in reserves. The country’s total liquid foreign currency reserves, which include reserves held by commercial banks, reached $12,614.2 million, with commercial banks holding $5,102.7 million.

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Previously, Pakistan’s foreign exchange reserves had notably increased following financial assistance from the IMF through its $3 billion standby arrangement and dollar deposits from friendly nations.

The IMF initiated its loan programme, providing the first tranche of $1.2 billion. Additionally, Saudi Arabia and the United Arab Emirates (UAE) deposited $3 billion into the SBP’s accounts. Moreover, debt rollovers by China significantly contributed to supporting Pakistan’s foreign currency reserves.

Published in The Express Tribune, November 11^th, 2023.

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