Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $24 million on a weekly basis, clocking in at $9.53 billion as of September 20, data released on Thursday showed.

Total liquid foreign reserves held by the country stood at $14.87 billion. Net foreign reserves held by commercial banks stood at $5.34 billion.

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

“During the week ended on 20-Sep-2024, SBP reserves increased by US$ 24 million to US$ 9,533.6 million,” it said.

Last week, SBP foreign exchange reserves increased by $43 million.

In a key development, the International Monetary Fund (IMF) Executive Board on Wednesday approved the 37-month, $7-billion Extended Fund Facility for Pakistan.

The IMF is expected to immediately release an initial tranche of $1.1 billion, which will boost the country’s foreign exchange reserves.