The State Bank of Pakistan reported an increase in the total foreign exchange reserves held by it during the previous week ending on October 13, 2023, according to the data provided by the central bank. As per the data, the foreign exchange reserves held by the State Bank have risen to $67 million reaching a total of $7.714 billion, compared to $7.647 billion just a week prior, on October 6, 2023. On the other hand, the country’s total forex reserves declined by $ $117 million during the same period, totaling $12.913 billion by the week ending October 13, 2023, as opposed to $13.03 billion a week earlier.

The SBP data further shows that the total liquid foreign reserves held by commercial banks fell by $184 million totaling $5.199 billion by the week ending October 13, 2023, compared to $5.383 billion in the previous week. It bears mentioning that the country’s foreign exchange reserves have been on the decline since their peak level in August 2021 when they stood at $27.2 billion.

 
Credit: Independent News Pakistan (INP)