Pakistan’s forex reserves surge by $1.17 billion, reaching highest level since April 2022

The foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $1.17 billion in one week.

Despite the fact that the latest ‘surge’ is due to a loan, the SBP’s reserves are currently at their highest level since April 2022.

According to data from the central bank for the week ending September 27, Pakistan’s foreign exchange reserves rose by more than 12 per cent as compared to the previous week, hitting $10.7 billion.

This increase is mainly due to a $1.03 billion loan received from the International Monetary Fund (IMF) under the Extended Fund Facility (EFF) programme.

Moreover, the country’s net reserves climbed by $1.11 billion, or 7.46 per cent, compared to the previous week, reaching $15.98 billion.

However, reserves held by commercial banks fell by $58.3 million, or 1.09 per cent, in the same period, now standing at $5.28 billion.

Since the start of the current fiscal year, SBP-held reserves have grown by $1.31 billion, or 13.98 per cent. In the current calendar year, reserves have increased by $2.48 billion, or 30.17 per cent.