Pakistan’s foreign reserves up by $31mn

KARACHI: The State Bank of Pakistan (SBP) witnessed a surge in the foreign exchange reserves with a reported increase of $31 million, ARY News reported on Thursday.

The State Bank of Pakistan in a statement said that “the total foreign reserves of Pakistan surged to US$16.632 billion, while the SBP reserves crossed $12.081 billion as of December 13, 2024.”

According to the central bank, the total liquid foreign exchange reserves held by commercial banks climbed to US $4.551 billion.

The reason for the increase in foreign reserves has not been revealed.

Last week, the total foreign reserves of the country stood at US$16.60 billion including the SBP reserves at $12.5 billion and commercial banks reserves at US$4.55 billion.

Earlier today, the State Bank of Pakistan (SBP) Governor Jameel Ahmed said that the country has paid back a US$2 billion loan during the past two years.

In a television talk show, the SBP governor pointed out that the foreign exchange reserves have also increased. He shared that the current account will be US$700 million surplus in the month of November.

Read More: Pakistan paid back US$ 2bln loan, says Governor State Bank

Ahmed said that the State Bank of Pakistan has purchased dollars from the interbank.

He also said that the remittances from overseas will cross US$35 billion during the current financial year.

The governor’s statement came after the State Bank of Pakistan (SBP) slashed the policy rate by 200 basis points to 13 percent, in its monetary policy.