Thursday, July 4, 2024 06:33 PM
State Bank of Pakistan's Reserves Increase, Boosting Economy
- Pakistan's liquid foreign reserves reach $13,373.7 million
- SBP's reserves increase by $14.4 million due to bond repayment
- Adequate foreign reserves signal stability and cushion against economic shocks
Image Credits: Samaa TVPakistan's liquid foreign reserves have surged to $13,373.7 million, with the State Bank of Pakistan's reserves increasing by $14.4 million due to bond repayment. This boost signifies economic stability and resilience against external shocks.
Pakistan's liquid foreign reserves have reached $13,373.7 million as of April 12, 2024, according to data released by the State Bank of Pakistan (SBP). The central bank's reserves stood at $8,054.7 million, while commercial banks held $5,319 million in foreign reserves.
During the week ending on April 12, 2024, SBP's reserves increased by $14.4 million to reach $8,054.7 million. This increase can be attributed to the repayment of $1 billion for Pakistan's International Bond, which included both the principal amount and interest.
This boost in foreign reserves is a positive indicator for Pakistan's economy, as it signifies the country's ability to meet its international financial obligations and maintain stability in the foreign exchange market. Adequate foreign reserves also provide a cushion against external economic shocks and help in managing the country's balance of payments.
