The State Bank of Pakistan (SBP) reported a weekly increase of $24 million in its foreign exchange reserves, bringing the total to $9.53 billion as of September 20, 2024, according to data released on Thursday.
The country’s total liquid foreign reserves now stand at $14.87 billion, with commercial banks holding $5.34 billion in net foreign reserves. The SBP did not provide a specific reason for this modest rise.
This follows last week’s increase of $43 million in SBP reserves. In a significant development, the International Monetary Fund (IMF) recently approved a 37-month, $7 billion Extended Fund Facility for Pakistan, which includes an initial tranche of $1.1 billion expected to bolster the country’s foreign exchange reserves further.
