The State Bank of Pakistan (SBP) saw its foreign exchange reserves rise by $70 million over the past week, according to fresh data released by the central bank on Thursday. As of May 23, the SBP’s reserves stood at $11.516 billion, up from $11.447 billion recorded on May 16.
However, the overall picture wasn’t quite as rosy. The country’s total liquid foreign exchange reserves—including those held by banks other than the State Bank of Pakistan (SBP)—dipped by $12 million, settling at $16.637 billion.
The real plot twist came from the commercial banks, whose net reserves dropped by $82 million during the week, landing at $5.121 billion.