Pakistan’s forex reserves hit 2-Year High
Pakistan’s foreign exchange reserves have surged past the $16 billion mark for the first time in over two years, indicating a promising shift in the nation’s financial stability and economic prospects.
According to a report from the State Bank of Pakistan (SBP), total liquid foreign reserves rose by $64 million, reaching $16.047 billion as of October 4, 2024, up from $15.98 billion the previous week. The SBP’s reserves specifically increased by $106 million, reaching $10.808 billion—the highest since April 2022.
However, commercial banks experienced a decrease of $42 million in net foreign reserves, totaling $5.239 billion. Currently, Pakistan’s reserves are enough to cover about two months’ worth of imports.
