SBP forex reserves rise by $130 million in a week amid commercial bank slip

ISLAMABAD: The State Bank of Pakistan (SBP) has reported an increase in its foreign exchange reserves by $130.54 million, or 1.16 per cent, reaching $11.42 billion in the week ending November 22, 2024. This information was shared in the SBP’s latest data released on Thursday.

On a broader level, the country’s total reserves, which include both the SBP and commercial banks, rose by $108.5 million, or 0.68 per cent, bringing the total to $16.08 billion.

However, reserves held by commercial banks saw a slight decline, falling by $22 million, or 0.47 per cent, to $4.66 billion during the same period.

Since the beginning of the current fiscal year, SBP-held reserves have increased by $2.03 billion, or 21.61 per cent. Over the course of the calendar year, these reserves have grown by $3.2 billion, marking a 38.89 per cent rise.

In addition, the SBP received $500 million from the Asian Development Bank (ADB) as part of a loan for Pakistan’s Climate Change and Disaster Resilience Enhancement Program (CDREP).

This amount will be added to the SBP’s foreign exchange reserves in the data for the week ending November 29, 2024, which will be published on December 5, 2024.

The ADB has warned in its latest report that, under a high-emissions scenario, Pakistan could face a GDP loss of 21.1 per cent by 2070 due to the impacts of climate change.

This projection significantly exceeds previous estimates, highlighting the urgent need for strong climate policies and actions, including adaptation and mitigation measures. The funding from ADB is expected to significantly bolster Pakistan’s efforts to enhance its climate resilience.

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