KARACHI: The State Bank of Pakistan (SBP) has announced that its foreign exchange reserves surpassed $12 billion by the end of last week.

According to the SBP’s weekly report, reserves increased by $620 million during the week ending November 29, reaching $12.038 billion, up from $11.418 billion on November 22.

The surge in reserves is primarily attributed to an official inflow of $500 million from the Asian Development Bank (ADB).

Earlier this month, SBP Governor Jameel Ahmed had projected that the central bank’s reserves would exceed $12 billion by the end of November. True to this forecast, the reserves rose to $12.038 billion. Meanwhile, reserves held by commercial banks declined by $76 million during the same period, falling to $4.582 billion.

Pakistan’s liquid foreign exchange reserves increased by $544 million, reaching $16.62 billion as of last week, compared to $16.076 billion a week prior.

Copyright Business Recorder, 2024