ISLAMABAD: Pakistan’s total liquid foreign reserves stood at a robust $16,049 million as of October 25, 2024, reflecting a slight increase in the country’s financial stability amidst ongoing economic challenges. The latest data reveals a positive shift, with reserves held by the State Bank of Pakistan (SBP) rising by $116 million during the week.
The breakdown of the foreign reserves position is as follows:
– Foreign reserves held by the State Bank of Pakistan:** $11,156.4 million
– Net foreign reserves held by commercial banks:** $4,892.6 million
– Total liquid foreign reserves:** $16,049 million
The increase in SBP reserves is a welcome development, providing a buffer against external shocks and supporting the stability of the Pakistani rupee. Analysts suggest that this rise is crucial as the country navigates inflationary pressures and fluctuating economic conditions.
The composition of the reserves highlights a significant reliance on the central bank’s holdings, which constitute approximately 69.5% of the total liquid foreign reserves. The remaining 30.5% is held by commercial banks, indicating a need for continued monitoring of liquidity in the banking sector.
As Pakistan strives to enhance its foreign exchange reserves, the recent uptick may provide some optimism for policymakers and investors alike. The SBP’s ongoing efforts to manage the reserves effectively will be pivotal in ensuring economic resilience in the coming months.
