KARACHI: The country’s total liquid foreign exchange reserves increased by $ 34 million during the last week. According to weekly report issued by the State Bank of Pakistan (SBP), the total liquid foreign reserves held by the country stood at $ 15.966 billion as of Nov 8, 2024 compared to $ 15.932 billion as of Nov 1, 2024.

The report highlighted that SBP’s foreign exchange reserves grew by $ 84 million, rising from $ 11.175 billion to $ 11.259 billion. However, net foreign reserves held by commercial banks declined by $ 50 million, falling to $ 4.707 billion by the end of the week.

Despite ongoing external debt servicing obligations, Pakistan’s foreign exchange reserves have shown a gradual increase. SBP Governor Jameel Ahmed has projected that the central bank’s reserves are likely to surpass the $ 12 billion mark by the end of November 2024, signaling positive momentum in the country’s foreign reserves position.

Copyright Business Recorder, 2024