According to data released on Thursday, the State Bank of Pakistan (SBP) reported a significant increase in its foreign exchange reserves, which rose by $620 million weekly. As of November 29, the SBP’s reserves stood at $12.038 billion, up from $11.419 billion on November 22. This marks the highest level of reserves since March 2022.
The increase in reserves was bolstered by receiving $500 million from the Asian Development Bank (ADB). The funds were provided as part of the Climate Change and Disaster Resilience Enhancement Program (CDREP), a loan extended to the Government of Pakistan to support climate change initiatives and disaster resilience.
In total, the country’s liquid foreign currency reserves, which include net reserves held by banks other than the SBP, reached $16.620 billion, reflecting an overall increase of $544 million compared to the previous week. However, net reserves held by commercial banks declined by $77 million during the same period, standing at $4.582 billion.
