Pakistan’s FOREX Reserves Cross USD 23 Billion, Hitting a Five-Year High
Karachi: According to data cited by the State Bank of Pakistan, Pakistan’s foreign exchange reserves reached a five-year high of USD 23.2 billion last week, according to a news source (SBP). The SBP stated that this increase was due to the $2.5 billion in profits from the sale of Pakistan euro bonds.
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The nation’s foreign exchange reserves are currently at USD 23.2 billion, which is the highest level since June 30, 2016. The reserves have climbed by more than 12% on a weekly basis, rising from PKR 20.6 billion to PKR 2.5 billion.
The SBP’s reserves have increased by USD 2.5 billion week-on-week, from USD 13.5 billion last week to USD 16.1 billion. The SBP has said that these factors have labeled that contributed continued official and private inflows, appreciation in the exchange rate and a manageable current account has caused the forex reserves to grow.
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The Executive Director at BMA Capital, Saad Hashemy called this an extremely positive development and accredited the government for this growth.
The head of Research at Pak-Kuwait Investment Company, Samiullah Tariq, said money from international financial institutions had started to flow after the International Monetary Fund’s (IMF) staff agreement. He also highlighted that a large number of funds are coming through Roshan Digital Accounts.
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