SBP-held forex reserves climb to $8.05 billion in weekly boost

WEB DESK: In a notable development, the foreign exchange reserves held by the State Bank of Pakistan (SBP) have witnessed a positive trajectory, registering a weekly increase of $13 million, according to data released on Thursday, February 9.

As of the aforementioned date, the SBP’s foreign exchange reserves reached an impressive figure of $8.05 billion. The overall liquid foreign reserves for the country, including both the central bank and commercial banks, stood at a robust $13.15 billion, with commercial banks contributing $5.1 billion to this total.

The State Bank of Pakistan, in its official statement, highlighted the specific details of this increase, stating, “During the week ended on 9-Feb-2024, SBP’s reserves increased by US$ 13 million to US$ 8,056.5 million.” However, the central bank did not provide explicit reasons for this positive surge in reserves.

It is noteworthy that the previous week had seen a decrease in Pakistan’s central bank reserves by $173 million. The recent upswing in foreign exchange reserves presents a positive shift in the economic landscape, although the factors contributing to this increase remain unspecified.

This development will likely be of interest to financial analysts, policymakers, and the business community as they assess the implications of the fluctuating foreign exchange reserves on Pakistan’s economic stability and financial outlook.

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