In recent news, the central bank of Pakistan has reported a marginal increase in its foreign exchange reserves, according to data released by the State Bank of Pakistan (SBP) on Friday. Here’s a breakdown of the key details:
- As of November 3, the foreign currency reserves held by the SBP were recorded at $7.511 billion. This reflects a slight increase of $3.7 million compared to the reserves on October 27, which stood at $7.508 billion.
- The overall liquid foreign currency reserves of the country, which also include net reserves held by banks other than the SBP, now amount to $12.614 billion. This represents an increase of $37.6 million over the previous week.
- Notably, the net reserves held by banks themselves reached $5.101 billion, marking a substantial increase of $34 million during the same week.
This development is significant as the central bank’s reserves had recently fallen below the $7.5 billion mark on October 20. However, two consecutive increases, although slight, have now pushed the reserves back above $7.5 billion.
These increases in foreign exchange reserves are important for maintaining stability in the country’s financial system and ensuring that it can meet its international financial obligations. The rise in reserves held by banks also indicates growing confidence in the stability of Pakistan’s currency and economy. It will be interesting to see how these trends continue to evolve in the coming weeks.