The State Bank of Pakistan (SBP) reported a weekly increase of $67 million in foreign exchange reserves, reaching $7.7 billion by October 13, as per data released on Thursday.
The country’s total liquid foreign reserves stood at $12.9 billion, with net foreign reserves of $5.2 billion held by commercial banks.
The specific reason for this rise in reserves was not provided by the central bank. The SBP simply stated, “During the week ended on October 13, 2023, SBP’s reserves increased by $67 million to $7,714.0 million.”
In July, Pakistan received an initial tranche of around $1.2 billion from the International Monetary Fund (IMF) following approval of a new $3-billion Stand-By Arrangement. Additionally, inflows from Saudi Arabia and the UAE contributed to a boost in the central bank’s reserves. However, these reserves have been under pressure due to debt repayments, increased import payments, and a lack of fresh inflows.
