Forex reserves rise 0.22% to $7.91b

KARACHI:

Pakistan’s foreign currency reserves increased 0.22% week-on-week to $7.91 billion, according to the weekly update released by the State Bank of Pakistan (SBP) on Thursday.

According to latest data, the central bank’s foreign currency reserves reached $7,912.9 million in the week ended on March 8, 2024, up $17.2 million compared to the previous week’s tally of $7,895.7 million. The State Bank cited no reason for the increase in reserves.

Of the total, the foreign currency reserves held by commercial banks rose to $5,238.4 million compared to $5,124.3 million a week ago. Accordingly, the country’s total liquid reserves came in at $13,151.3 million in the week under review, up from $13,020 million in the prior week.

The reserves increase in the backdrop of a surge in remittances and a stable rupee.

Published in The Express Tribune, March 15^th, 2024.

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