KARACHI: During the week that concluded on September 13, the State Bank of Pakistan’s foreign exchange reserves rose by $43 million to $9.509 billion.
The nation’s overall reserves, which include $5.316 billion held by commercial banks, increased to $14.826 billion, according to the central bank.
The source of this inflow was not disclosed by the SBP, although currency market specialists have stated that the central bank often purchases dollars from the interbank market.
Despite significant debt repayments of $26.2 billion during the current fiscal year, the government anticipates that the State Bank’s reserves will reach $13 billion by the end of FY25. The reserves held by SBP will not rise above $13 billion notwithstanding the anticipated IMF infusions.
In the meantime, the rupee reached a five-month high on Thursday as it appreciated versus the dollar.
According to the SBP, the dollar saw a 14-paise increase in value as it settled at Rs277.91 in the interbank market, up from Rs278.04 the previous day.
