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SBP-held forex reserves edge up by $18 million WoW
- Web Desk
- Oct 25, 2024
KARACHI: The State Bank of Pakistan (SBP) recorded a modest increase in its foreign exchange reserves, with a rise of 0.16 per cent.
The latest surge of $18 million has pushed the total SBP holdings to $11.04 billion for the week ending October 18, according to data released by the central bank on Thursday.
The country’s overall reserves experienced a decline, dropping by $94.2 million (0.58 per cent) to $16.02 billion.
This decrease was largely attributed to a reduction in reserves held by commercial banks, which fell by $112.2 million (2.20 per cent) to $4.98 billion.
SBP’s reserves have grown by $1.65 billion, since the beginning of the fiscal year, reflecting a 17.59 per cent increase. Also, the reserves have risen by $2.82 billion (34.3 per cent) in the current calendar year.
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