Pakistan's Foreign Exchange Reserves Reach US$ 14.31 Billion

Islamabad: The foreign exchange reserves held by the State Bank of Pakistan (SBP) were recorded at US$ 9.093 billion following a decrease of US$ 63 million due to external debt repayments.

In a statement, a spokesperson for the central bank announced that the country's total liquid foreign reserves amounted to US$ 14.31 billion for the week ending on May 24, 2024.

According to the SBP, out of the total foreign reserves, US$ 5.22 billion is held by commercial banks as net foreign reserves.

"During the week ending on May 24, 2024, SBP reserves decreased by US$ 63 million to US$ 9,093.7 million due to external debt repayments," the statement read.

Previously, on May 23, it was reported that Pakistan’s foreign exchange reserves held by the SBP had increased by US$ 22 million, reaching US$ 9.15 billion from US$ 9.13 billion as of May 17, 2024.

Data from the central bank indicated that net foreign reserves held by commercial banks had decreased by US$ 630 million to US$ 5.43 billion. The total national reserves fell by US$ 41 million to US$ 14.58 billion.

The total liquid foreign reserves held by the country stood at US$ 14.58 billion.

"During the week ending on May 17, 2024, SBP reserves increased by US$ 22 million to US$ 9,157.0 million," the SBP’s statement added.