KARACHI: Pakistan’s foreign exchange reserves held by the State Bank of Pakistan (SBP) witnessed an increase of $16 million to settle at $9.1 billion as of May 31, according to the SBP.
According to the data released by the SBP, total liquid foreign reserves held by the country stood at US$ 13.4 billion including US$ 5.4 billion in reserves held by commercial banks of the country.
The central bank did not provide specific reasons for the surge in reserves. “During the week ended on 31-May-2024, SBP reserves increased by US$ 16 million to US$ 9,109.5 million,” the statement read.
The previous week witnessed a $63 million decline in the central bank’s reserves. Notably, last month, SBP reserves saw a significant rise of $1.114 billion, surpassing the $9 billion mark for the first time in nearly two years.
This significant rise was largely attributed to the final $1.1 billion tranche from the International Monetary Fund (IMF) under its $3 billion Stand-By Arrangement.
