According to data released by the State Bank of Pakistan (SBP) on Friday, the foreign exchange reserves held by the central bank increased slightly on a weekly basis.
Foreign Reserves of SBP Increased
The SBP’s foreign exchange reserves were valued at $7.511 billion on November 3, an increase of $3.7 million from $7.508 billion on October 27.
With net reserves held by banks other than the central bank included, the nation’s total liquid foreign currency reserves were $12.614 billion, an increase of $37.6 million from the previous week.
Banks currently have $5.101 billion in net reserves, up $34 million over the previous week.
On October 20, the central bank’s reserves fell below $7.5 billion; however, two modest but steady increases have brought reserves back above $7.5 billion.
To read our blog on “Pakistan’s foreign reserves have fallen to critical levels,” click here.