The State Bank of Pakistan (SBP) revealed that its foreign exchange reserves increased by 0.88% week over week, bringing the total up to $7.7 billion.
Forex reserves rise: The central bank’s foreign exchange reserves increased by $67.3 million to $7,714 million in the week ending October 13, 2023, compared to the previous week’s total of $7,646.7 million, according to information made public on Thursday.
For the rise in reserves, the SBP gave no justification. The total amount of the nation’s liquid foreign exchange holdings, including the holdings of commercial banks, was $12,912.9 million. Reserves held by commercial banks totaled $5,198,9 million.
In recent months, the central bank reserves have slightly increased, mostly as a result of financial support from friendly countries and the International Monetary Fund (IMF).
The IMF supplied the first tranche of $1.2 billion in a nine-month, $3 billion loan programme, while Saudi Arabia and the UAE contributed $3 billion to SBP’s coffers.
China’s debt rollovers also gave Pakistan’s foreign exchange reserves essential help.