Pakistan’s Foreign Reserves Show Modest Growth

According to recent data from the central bank, Pakistan’s foreign exchange reserves, particularly those held by the State Bank of Pakistan (SBP), recorded a slight increase of $3.7 million, indicating a growth of 0.05% during the week ending on November 3, 2023.

The State Bank of Pakistan (SBP) reported a similar positive trend in the country’s overall reserves, which climbed by $37.6 million, marking an increase of 0.3%.

Reflecting a 0.67% growth, commercial banks in Pakistan also saw a rise in their reserves, reaching a total of $5.1 billion with an increase of $33.9 million.

In the previous fiscal year, Pakistan obtained a $3 billion Stand-By Arrangement (SBA) from the International Monetary Fund (IMF), providing significant assistance as the nation faced financial challenges.

The initial $1.2 billion disbursement under the SBA, along with $3 billion in bilateral inflows from Arab countries, notably strengthened the nation’s diminishing foreign reserves.

As a result, in the current fiscal year, the total liquid foreign reserves surged by a noteworthy $3.45 billion, representing a substantial increase of 37.71%.

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