SBP-held forex reserves increase by $21.5 million

WEB DESK: The State Bank of Pakistan (SBP) reported a rise in its foreign exchange reserves by $21.5 million, marking a 0.24 per cent week-on-week increase, bringing the total to $9.16 billion as of May 17, 2024. This data was released by the central bank on Thursday.

The SBP did not provide specific reasons for this uptick. The bank’s statement confirmed, “During the week ended on May 17, 2024, SBP reserves increased by $22 million to $9.16 billion.”

Conversely, the nation’s total foreign exchange reserves saw a decline of $41 million, or 0.28 per cent week-on-week, totalling $14.59 billion. This drop is attributed to a decrease in reserves held by commercial banks, which fell by $62.5 million, or 1.14 per cent, to $5.43 billion.

Since the start of the current fiscal year, total liquid foreign reserves have grown by $5.43 billion, representing a 59.23 per cent increase.

Additionally, the current calendar year has recorded a $1.91 billion increase in total liquid foreign reserves, a 15.09 per cent rise.

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