Saturday, October 5, 2024 07:11 PM
Pakistan's Foreign Reserves Surge to $14.5 Billion
- SBP's reserves increased by $494 million in a week
- Foreign reserves crucial for stabilizing economy and supporting exchange rate
- Rise in reserves reflects confidence in Pakistan's economy
Image Credits: pakobserverPakistan's liquid foreign reserves have surged to $14,573 million, with the State Bank of Pakistan holding $9,389.5 million. The increase in reserves reflects confidence in Pakistan's economy and its ability to meet financial commitments.
Pakistan's liquid foreign reserves have surged to $14,573 million as of June 28, 2024. This includes $9,389.5 million held by the State Bank of Pakistan (SBP) and $5,183.5 million held by commercial banks.
During the week ending June 28, 2024, SBP's reserves increased by $494 million, reaching $9,389.5 million. This growth was fueled by official inflows from multilateral agencies.
Foreign reserves are assets held by a country's central bank and commercial banks in foreign currencies. These reserves play a crucial role in stabilizing the country's economy, supporting the exchange rate, and meeting international obligations.
The rise in Pakistan's foreign reserves is a positive indicator for the country's economic stability and ability to meet its financial commitments. It reflects confidence in Pakistan's economy and its ability to attract investments and support growth.
