SBP’s foreign exchange reserves rise by $18.6 million

KARACHI: The State Bank of Pakistan (SBP) reported a slight rise in its foreign exchange reserves, which grew by $18.6 million, or 0.20 per cent, reaching a total of $9.42 billion for the week ending July 12, 2024.

In a similar trend, Pakistan’s overall foreign exchange reserves saw an uptick of $58.8 million, or 0.40 per cent, bringing the total to $14.7 billion for the same period.

Commercial banks also experienced an increase in their reserves, which rose by $40.2 million, or 0.77 per cent, to $5.28 billion.

Over the current fiscal year, the reserves held by the SBP have increased by $34.2 million, reflecting a growth of 0.36 per cent.

Additionally, since the beginning of the calendar year, the SBP’s reserves have seen a significant rise of $1.2 billion, or 14.63 per cent.

The steady growth in foreign exchange reserves highlights a positive trend for Pakistan’s financial stability and economic outlook.

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