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Pakistan’s Foreign Exchange Reserves Reaches at US$14.57 billion

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Pakistan’s foreign exchange reserves have seen a significant increase, reaching US$14.57 billion as of 28th June, as reported by news, citing the State Bank of Pakistan (SBP). According to the central bank’s statement, reserves held by the SBP have reached US$9.38 billion after a substantial increase of US$493.7 million. However, the country’s reserves held by commercial banks decreased by US$128 million to US$5.18 billion. This decrease could potentially [implications of the decrease].

The SBP highlighted that during the week ended on 28th June 2024, SBP reserves increased by US$494 million to US$9,389.5 million, with a significant contribution from official inflows from multilateral agencies. This underscores the support Pakistan receives from international financial institutions. Previously, Pakistan’s foreign exchange reserves were reported at US$14.207 billion as of June 21. At that time, the SBP held US$8.8958 billion out of the country’s total liquid foreign reserves, with commercial banks holding US$5.3115 billion.

The statement issued by the central bank also indicated that the SBP’s reserves had decreased by US$239 million due to the payment of external loans. This decrease in external debt is a positive indicator of Pakistan’s financial management. The SBP’s statement regarding the week ended on 21st June 2024 underlined that SBP reserves decreased to US$8,895.8 million as a result of external debt repayment. This significant fluctuation in Pakistan’s foreign exchange reserves indicates the country’s ongoing efforts to manage its economic stability and external financial obligations.

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