State Bank of Pakistan’s Reserves Climb by $12 Million, Reaching $8.05 Billion
LAHORE MIRROR — The State Bank of Pakistan (SBP) has reported a $12 million rise in its foreign exchange reserves, bringing the total to $8.05 billion for the week ending on a week-on-week basis, according to a statement released on Thursday.
Adding to this, the country’s overall liquid foreign reserves reached $13.379 billion as of August 11, as stated in the official communication.
Commercial banks held net reserves totaling $5.3237 billion, based on the data provided by the central bank.
Despite the increase in foreign exchange reserves, the central bank did not provide specific details about the driving factors behind this growth.
The existing reserves are deemed sufficient to cover imports for a period extending beyond two months.
The previous month witnessed a significant surge in SBP reserves due to financial inflows from the United Arab Emirates (UAE), Saudi Arabia, and the International Monetary Fund (IMF). This boost followed the signing of a $3 billion Stand-by Arrangement (SBA) with the global lending institution.