KARACHI: The State Bank of Pakistan’s foreign exchange reserves have reached a two-and-a-half-year high of $11.2 billion, marking the strongest level since April 2022.

As per the SBP’s latest weekly report, the country’s total liquid foreign reserves rose by $32 million to reach $16.049 billion as of October 25, 2024, up from $16.017 billion the previous week. Specifically, SBP’s own reserves increased by $116 million, rising from $11.040 billion to $11.156 billion during the last week.

In contrast, net foreign reserves held by commercial banks continued their downward trend, dropping by $84 million to stand at $4.893 billion by the end of last week. This divergence highlights a sustained growth in central bank reserves while commercial banks’ foreign holdings continue to decline.

Copyright Business Recorder, 2024