Foreign exchange reserves surges by $464m on weekly basis

Foreign exchange reserves held by the State Bank of Pakistan (SBP) surged by $464 million on a weekly basis, clocking in at $8.2 billion as of December 29, data showed on Thursday.

Total liquid foreign reserves held by the country stood at $13.2 billion. Net foreign reserves held by commercial banks stood at $5 billion.

The SBP attributed the surge in the reserves to official government inflows. “During the week ended on 29-Dec-2023, SBP’s reserves increased by $464 million to $8,221.2 million mainly due to official GoP inflows,” it said.

Last week, Pakistan’s central bank reserves witnessed a significant increase of $852 million, according to reports.