Pakistan’s forex reserves surge by $15 million

The latest data released by the State Bank of Pakistan (SBP) reveals a notable increase in the country’s foreign exchange reserves.

As of May 10, 2024, the SBP’s reserves grew by $15 million, reaching a total of $9.13 billion. This uptick contributes to the overall liquid foreign reserves held by Pakistan, which now stand at $14.62 billion.

In addition to the central bank’s reserves, commercial banks in the country also hold significant foreign assets, with their net reserves recorded at $5.49 billion.

While the SBP has reported the increase, it has not attributed a specific reason for this surge in reserves.

According to the central bank’s statement, “During the week ended on 10-May-2024, SBP reserves increased by US$ 15 million to US$ 9,135.5 million.”

This recent boost follows a substantial rise in Pakistan’s central bank reserves observed last week. In that instance, reserves soared by $1.114 billion, surpassing the $9 billion mark for the first time in nearly two years.