Foreign exchange reserves soar by $852 million

Central bank confirmed development, increase resulted from receipt of official Government of Pakistan’s inflows

KARACHI:

Pakistan’s foreign exchange reserves recorded a substantial increase of $852 million, or 12.3%, reaching $7,757.1 million on a week-on-week basis, the State Bank of Pakistan (SBP) reported on Thursday.

As of the week ending December 22, 2023, the SBP’s foreign currency reserves stood at $7,757.1 million, indicating an increase of $852 million compared to the previous week’s total of $6,904.8 million. The central bank confirmed the development, stating that the increase resulted from the receipt of official Government of Pakistan’s inflows.

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The total liquid foreign currency reserves for the country, inclusive of reserves held by commercial banks, amounted to $12,855.7 million, with net reserves held by commercial banks standing at $5,098.6 million.

The prior week had witnessed a notable dip of $136 million in foreign exchange reserves, which the central bank had attributed to debt repayment.

Published in The Express Tribune, December 29^th, 2023.

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