foreign exchange reserves corss $12billions

The foreign exchange reserves held by the State Bank of Pakistan (SBP) saw a significant increase of $620 million on a weekly basis, reaching $12.038 billion on November 29, according to data released by the central bank on Thursday.

This marks the highest level of reserves since March 2022, up from $11.419 billion on November 22. The rise in reserves was partly fueled by the recent receipt of $500 million from the Asian Development Bank (ADB) as part of a loan to support Pakistan’s Climate Change and Disaster Resilience Enhancement Program.

Overall, the country’s liquid foreign currency reserves, including those held by commercial banks, totaled $16.620 billion, reflecting an increase of $544 million compared to the previous week. However, the reserves held by banks other than the SBP decreased slightly by $77 million, standing at $4.582 billion.

This positive trend in foreign exchange reserves follows a series of financial adjustments, with the latest boost contributing to the country’s economic stability.