Pakistan’s foreign exchange reserves witnessed a slight increase for the week ending May 10, 2024, according to data released by the State Bank of Pakistan (SBP) on Thursday.
Key Points:
- Increase in Reserves: The State Bank of Pakistan’s reserves rose by $15.2 million (0.17%) to reach $9.14 billion.
- Commercial Bank Reserves Up: Reserves held by commercial banks also increased by $152.3 million (2.85%) to $5.49 billion.
- Total Reserves Rise: Consequently, Pakistan’s total liquid foreign reserves increased by $167.5 million (1.16%) to stand at $14.63 billion.
- Reason for Increase Unclear: The State Bank of Pakistan did not provide a specific reason for the increase in reserves.
Positive Signs:
- Year-to-Date Increase: This increase represents a positive trend, with total liquid foreign reserves up by $5.47 billion (59.68%) since the beginning of the fiscal year.
- Calendar Year Increase: Similarly, compared to the beginning of 2024, there’s a $1.95 billion (15.41%) increase in reserves.
