Pakistan’s foreign exchange increase by $5.46 billion

KARACHI: The State Bank of Pakistan (SBP) reported a substantial increase of $5.46 billion in the country’s foreign exchange reserves during the ongoing financial year.

At of the end of the last fiscal year, the total foreign exchange reserves stood at $9.16 billion, with $4.445 billion held by the SBP and $4.715 billion by commercial banks.

On May 10, the SBP recorded domestic foreign exchange reserves totaling $14.626 billion, consisting of $9.136 billion held by the SBP and $5.491 billion held by commercial banks. This increase reflects a positive trend in Pakistan’s economic stability and resilience.

Pakistan’s investment plan of $249 billion with friendly nations shows its dedication to economic growth. The rise in foreign reserves, especially with the SBP going up by $4.690 billion, will help reflects confidence by global investors in Pakistan’s economy.

Throughout the current fiscal year, foreign exchange reserves with commercial banks have also risen, recording an increase of $776 million.