The foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $13 million on a weekly basis, according to data released by the central bank on Thursday. As of December 6, 2024, the SBP’s foreign currency reserves stood at $12.051 billion, up from $12.038 billion on November 29. This marks the highest level of reserves since March 2022.
It is worth noting that the SBP’s reserves saw a significant boost of over $600 million last week, primarily due to the receipt of $500 million from the Asian Development Bank (ADB). The funds were provided as part of the Climate Change and Disaster Resilience Enhancement Program (CDREP), aimed at supporting Pakistan’s climate and disaster resilience initiatives.
The country’s total liquid foreign currency reserves, which include net reserves held by banks other than the SBP, stood at $16.601 billion, reflecting a decrease of $19 million compared to the previous week. Net reserves held by commercial banks were recorded at $4.550 billion, down by $32 million during the same period.
