Pakistan’s Foreign Exchange Reserves Increase by $65.9 Million in a Single Week; Total Reserves Reach $26.86 Billion, Reports State Bank
ISLAMABAD: Official financial figures released by the State Bank of Pakistan showed that foreign exchange reserves of Pakistan have been improving and posted net surplus in the last week.
Total liquid foreign reserves of the country increased by $65.9 million to end at $26.86 billion ($26,863 million) with the State Bank of Pakistan (SBP) reporting the news.
The highlights of the Weekly Foreign Reserves Report are as follows:The following are the highlights of the Weekly Foreign Reserves Report:
The rise of Reserves Growth was due to addition of $15.8 million to its official dollar reserves, bringing the total to $21.47 billion.
Commercial Banks’ Deposits: Deposits of commercial banks, however, rose by $50.1 million to $5.394 billion, due to an increase in their net foreign currency reserves.
Economic Implications: The consistent increase in foreign exchange reserves provides a sense of external account stability, strengthens the foreign exchange resiliency and is a sign of better macroeconomic management, financial analysts note.