The State Bank of Pakistan (SBP) has reported a slight increase in the country’s total liquid foreign reserves, reaching $14,585.4 million for the week ending May 17.
On Thursday, the SBP announced that its foreign reserves saw a modest rise of $22 million, bringing the total to $9,157 million.
During the same period, the net foreign reserves held by commercial banks amounted to $5,428.4 million. This slight growth indicates a stable financial outlook for the country.
For comparison, in the previous week ending May 10, the total liquid foreign reserves were $14,626.4 million, with the SBP holding $9,135.5 million and commercial banks holding $5,490.9 million.
In Jan 2023, Pakistan’s foreign exchange reserves held by the central bank decreased by 16.1% to $3.09 billion in the week ending Jan. 27, the State Bank of Pakistan (SBP) said, which analysts said covers less than three weeks of imports.
At that time, Pakistan was locked in negotiations with the International Monetary Fund (IMF) to release much-needed money under a stalled bailout programme. A successful outcome with the IMF helped to release money from other platforms that were looking for a greenlight from the lender.
