KARACHI: The central bank said Thursday that the State Bank of Pakistan’s (SBP) foreign exchange reserves climbed by $116 million to $11.15 billion over the week ending October 25.
Since the last week of September, when the IMF announced the first payment of $1.03 billion under the new $7 billion program, the SBP reserves have been rising. According to experts, SBP’s foreign exchange assets are sufficient to cover imports for the next two months. The government’s goal of $13 billion by the end of FY25 is being approached by the reserves.
But with the help of the IMF, Saudi Arabia, the United Arab Emirates, China, and State Bank purchases from the interbank market, the reserves are growing, guaranteeing exchange rate stability.
While commercial banks’ holdings decreased by $84 million to $4.892 billion, the nation’s overall reserves hit $16.049 billion.
