KARACHI: The foreign exchange reserves of the State Bank of Pakistan (SBP) increased by $116 million to $11.15 billion during the week ended on Oct 25, the central bank announced on Thursday.

The SBP reserves have been increasing since the last week of September after the IMF released the first tranche of $1.03bn under the new $7bn programme. Experts said the SBP forex holdings are enough to cover the two-month imports. The reserves are getting closer to the $13bn target set by the government by the end of FY25.

However, the reserves are increasing with the support of the IMF, Saudi Arabia, the UAE, China and State Bank’s buying from the interbank market, ensuring exchange rate stability.

The country’s total reserves reached $16.049bn, while the commercial banks’ holdings fell by $84m to $4.892bn.

Published in Dawn, November 1st, 2024