Pakistan’s available foreign currency reserves have seen a substantial increase, exceeding $16 billion for the first time in over two years. The recent surge in reserves, as reported by the State Bank of Pakistan, points towards an encouraging improvement in the country’s financial stability and overall economic prospects. The total liquid foreign reserves surged by $64 million to reach $16.047 billion as of October 4, 2024, marking the highest level of reserves since June 2022.

The State Bank of Pakistan’s reserves also hit a 2.5-year high, reaching $10.808 billion, while commercial banks experienced a decline in net foreign reserves, totalling $5.239 billion. With these developments, Pakistan’s foreign exchange reserves are now adequate to cover approximately two months of imports.