Pakistan's foreign reserves reach $16.6 billion

KARACHI: The State Bank of Pakistan (SBP) witnessed a surge in the foreign exchange reserves with a reported increase of $13 million, ARY News reported.

The State Bank of Pakistan in a statement said that “the total foreign reserves of Pakistan surged to US$16.60 billion, while the SBP reserves crossed $12.5 billion as of December 12, 2024.”

According to the SBP, the total liquid foreign exchange reserves held by commercial banks climbed to US $4.55 billion.

It is worth mentioning here that the State Bank of Pakistan (SBP) witnessed a surge in the foreign exchange reserves with a reported increase of $620 million on November 29, 2024.

The State Bank of Pakistan in a statement said that “the total foreign reserves of Pakistan surged to US$16.62 billion supported by recent Asian Development Bank (ADB) loan transfer, while the SBP reserves crossed $12 billion as of November 29, 2024.”

According to the SBP, the total liquid foreign exchange reserves held by the central bank, increased by $620 million to $12,038.3 million after the official inflow of $500 million from ADB.

The SBP has received $500 million from Asian Development Bank (ADB) for the Climate Change and Disaster Resilience Enhancement Program (CDREP) as a policy-based loan to support disaster risk reduction and resilience in Pakistan.

Meanwhile, the net foreign reserves held by commercial banks during the week under review were recorded as $4,581.7 million, as per the State Bank of Pakistan.