According to the recently released data, the foreign exchange reserves held by the State Bank of Pakistan (SBP) surged by $19 million, reaching $9.3 billion as of August 16. This increase contributed to the total liquid foreign reserves of the country, which reached $14.67 billion. Additionally, it was reported that commercial banks in Pakistan held net foreign reserves amounting to $5.37 billion.
As of now, the central bank has not provided specific reasons behind this rise in reserves. It was simply stated that “During the week ended on 16-Aug-2024, SBP reserves increased by US$ 19 million to US$ 9,291.8 million.”
This increase follows a trend from the previous week, during which the SBP’s foreign exchange reserves grew by $119 million.
The augmented foreign exchange reserves mark a significant development and indicate a positive trend for Pakistan’s financial stability and economic outlook.
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