SBP foreign reserves slightly up to reach $15.87bln

KARACHI: The liquid foreign reserves held by the State Bank of Pakistan (SBP) rose slightly in February to reach $11.24 billion, ARY News reported.

During the week ending on February 28, the SBP reserves recorded an increase of $27 million, bringing the total held by the central bank to $11.24 billion, as per the central bank.

This positive development reflects a small yet steady improvement in Pakistan’s foreign exchange reserves, which are crucial for maintaining exchange rate stability, meeting external liabilities, and ensuring the smooth functioning of the economy.

These reserves, which serve as a central indicator of the country’s financial stability and capacity to manage international obligations, are distributed as follows:

State Bank of Pakistan (SBP): The central bank held a significant share of the reserves, amounting to $11.24 billion.

Commercial Banks: The net foreign reserves held by commercial banks stood at $4.62 billion.

Total Liquid foreign Reserves of Pakistan: $15.87 billion.

This increment, though modest, will likely provide some breathing room as the country continues to navigate economic challenges and seeks to bolster its financial stability. Further updates on reserves and related economic indicators are anticipated in the coming weeks.

Read More:   Pakistani rupee gains strength against US dollar

On Thursday, the Rupee appreciated by five paisas against the US Dollar in interbank trading, closing at Rs279.81 compared to the previous day’s rate of Rs279.86.

In the open market, however, the dollar’s buying and selling rates, as reported by the Forex Association of Pakistan (FAP), were Rs280.1 and Rs281.6, respectively.

The Euro saw a significant rise, increasing by Rs3.73 to close at Rs302.07, as per the State Bank.