Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $22 million on a weekly basis, clocking in at $9.16 billion as of May 17, data released on Thursday showed.

Total liquid foreign reserves held by the country stood at $14.59 billion. Net foreign reserves held by commercial banks stood at $5.43 billion.

The central bank did not specify a reason for the increase in the reserves.

“During the week ended on 17-May-2024, SBP reserves increased by US$ 22 million to US$ 9,157.0 million,” it said.

Last week, Pakistan’s central bank reserves increased by $15 million.

Earlier this month, SBP reserves jumped $1.114 billion to reach above $9 billion after nearly two years.

The increase in the dollar stockpile had come in line with reflection of the last tranche of $1.1 billion from the International Monetary Fund (IMF) for its $3 billion Stand-By Arrangement.