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According to data released by the State Bank of Pakistan (SBP) on Thursday, the central bank’s foreign exchange reserves increased for the consecutive week. On October 13, SBP’s foreign currency reserves reached $7.714 billion, marking a $67 million rise from $7.647 billion on October 6.
The overall liquid foreign currency reserves of the country, which includes reserves held by banks other than the SBP, amounted to $12.913 billion, decreasing by $117 million compared to the previous week. Banks held net reserves of $5.199 billion, showing a decline of $184.5 million during the week.
Read more :Â SBPs Reserves Rise To $7.64 Billion From $31 Million
Last week, the SBP governor mentioned that foreign exchange reserves were improving due to both an increase in reserves and a reduction in forward foreign exchange liabilities. He explained that from January 2023, SBP’s foreign exchange reserves had risen from a low of $3.1 billion to $7.6 billion by the end of September 2023.
He noted that the growth in reserves was primarily supported by non-debt-creating inflows in favorable market conditions. Simultaneously, SBP’s forward foreign exchange liabilities had decreased, and the forward book target of $4.2 billion for the end of September 2023, as agreed with the IMF, had been surpassed by a wide margin.
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