Pakistan’s Forex Reserves Rise

The State Bank of Pakistan’s (SBP) foreign exchange reserves saw an increase of $167 million on a week-over-week basis, reaching $11.68 billion as of June 6, according to data released this Thursday.

The country’s total liquid foreign reserves were valued at $16.88 billion. The net foreign reserves held by commercial banks totaled $5.12 billion.

The central bank did not specify any particular reason for the increase in its foreign exchange holdings.

“During the week concluding on June 6, 2024, SBP reserves experienced a surge of US$ 167 million, bringing the total to US$ 11,675.6 million,” the bank stated.

In the preceding week, the reserves held by the SBP had decreased by $7 million on a weekly basis.