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HomeBusinessSBP reserves increase by $494 Million

SBP reserves increase by $494 Million

Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $494 million on a weekly basis, reaching $9.39 billion as of June 28, according to data released on Thursday.

The country’s total liquid foreign reserves stood at $14.57 billion, with net foreign reserves held by commercial banks at $5.18 billion.

The central bank attributed the rise in foreign currency reserves to official inflows from multilateral agencies.

“During the week ended on June 28, 2024, SBP reserves increased by US$ 494 million to US$ 9,389.5 million due to official inflows from multilateral agencies,” the bank stated.

Read more: Flour Mills Association Warns of Massive Increase in Flour Price 

In contrast, the previous week saw a decrease in Pakistan’s central bank reserves by $239 million, bringing them to $8.896 billion as of June 21. The central bank attributed this decline to external debt repayments.

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