KARACHI: The foreign exchange reserves of the State Bank of Pakistan (SBP) increased by $16 million to $9.405 billion during the week ended on July 5.
The reserves exceeded the target of $9bn until the end of FY24. The IMF has been forcing the central bank to improve its forex holdings. The SBP restricted imports, managed the exchange rate, and curtailed dollar outflows from the country.
The country’s total foreign exchange reserves reached $14.644bn during the week under review. This figure includes a significant portion of $5.239bn from commercial banks.
Published in Dawn, July 12th, 2024
