SBP-held foreign exchange reserves increase $16mn, now stand at $9.1bn – Markets

Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $16 million on a weekly basis, clocking in at $9.1 billion as of May 31, data released on Thursday showed.

Total liquid foreign reserves held by the country stood at $14.2 billion. Net foreign reserves held by commercial banks stood at $5.1 billion.

The central bank did not specify a reason for the increase in the reserves.

“During the week ended on 31-May-2024, SBP reserves increased by US$ 16 million to US$ 9,109.5 million,” it said.

Last week, Pakistan’s central bank reserves decreased by $63 million.

Last month, SBP reserves jumped $1.114 billion to reach above $9 billion after nearly two years.

The increase in the dollar stockpile had come in line with reflection of the last tranche of $1.1 billion from the International Monetary Fund (IMF) for its $3 billion Stand-By Arrangement.