SBP-held foreign exchange reserves rise to $9.14 billion
During the week ending May 10, 2024, the State Bank of Pakistan (SBP) reported a notable uptick in its foreign exchange reserves, marking an increase of $15.2 million or 0.17 per cent week-on-week (WoW), bringing the total to $9.14 billion.
This data, released by the central bank on Thursday, underscores a positive trend in the country’s monetary reserves.
Notably, the SBP did not provide specific insights into the driving factors behind this increase.
According to a statement issued by the SBP, “During the week ending May 10, 2024, SBP reserves experienced a $15 million increment, reaching $9.14 billion.”
Simultaneously, Pakistan’s overall reserves recorded a significant rise, climbing by $167.5 million or 1.16 per cent WoW to $14.63 billion.
This increase encompasses reserves held by commercial banks as well, which surged by $152.3 million or 2.85 per cent WoW to reach $5.49 billion.
Examining the broader fiscal landscape, the current fiscal year has witnessed a substantial uptick in total liquid foreign reserves, surging by $5.47 billion or 59.68 per cent. Moreover, the ongoing calendar year has seen a notable increase of $1.95 billion or 15.41 per cent.
This surge in reserves reflects positively on Pakistan’s economic stability and its ability to manage external financial obligations, contributing to investor confidence and fostering a favorable environment for economic growth.