Pakistan's Central Bank Reserves have Increased by $14 Million to $7.5 Billion
Data released on Thursday indicated that as of October 27, the State Bank of Pakistan's (SBP) foreign exchange reserves stood at $7.5 billion, up $14 million on a weekly basis.
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There are $12.5 billion in liquid foreign reserves held by the nation.
With $12.5 billion in liquid foreign reserves, the nation was in full. Commercial banks held $5 billion in net foreign reserves.
The rise in reserves was announced by the central bank without explanation.
It stated, "SBP's reserves increased by $14 million to $7,507.8 million during the week ended on October 27, 2023."
Pakistan's central bank's reserves dropped by $220 million last week.
The International Monetary Fund (IMF) gave Pakistan the first payment of about $1.2 billion in July of this year after its lender approved a new $3-billion Stand-By Arrangement, which increased the country's reserves. Additionally, the UAE and Saudi Arabia contributed.
Nonetheless, the pressure on central bank reserves has come from debt repayments, an increase in import payments following the relaxation of limitations, and a dearth of new inflows.
