SBP Reserves Surge to $7.7 Billion with $67 Million Boost

Web DeskOctober 19, 20233902 min
SBP Reserves Surge to $7.7 Billion with $67 Million Boost

The foreign exchange reserves held by the State Bank of Pakistan (SBP) have increased for the consecutive week, as per data released by the SBP.

On October 13, the foreign currency reserves held by the SBP reached $7.714 billion, which is $67 million higher compared to $7.647 billion on October 6.

Also Read: SBP Freezes Operations of Five Currency Exchange Firms

The overall liquid foreign currency reserves held by Pakistan, including net reserves held by banks other than the SBP, amounted to $12.913 billion. This reflects a decrease of $117 million over the previous week. The net reserves held by banks were at $5.199 billion, with a decline of $184.5 million during the week.

The SBP governor noted that foreign exchange reserves have been improving due to a build-up in reserves and a reduction in forward foreign exchange liabilities. Since January 2023, SBP’s foreign exchange reserves have increased from a low of $3.1 billion to $7.6 billion as of the end of September 2023.

Reserves have been supported by non-debt-creating inflows amid favorable market conditions, and forward foreign exchange liabilities have also declined significantly.

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