SBP foreign reserves maintain $12 billion mark after modest gain

ISLAMABAD: The foreign exchange reserves held by the State Bank of Pakistan (SBP) saw a slight weekly increase, rising by $13 million, according to data released by the central bank on Thursday.

As of December 6, the SBP’s foreign currency reserves were recorded at $12.051 billion, compared to $12.038 billion on November 29. This marks the highest level for SBP reserves since March 2022.

The modest rise follows a significant boost in the previous week when the reserves increased by over $600 million. This earlier uptick was primarily driven by the receipt of $500 million from the Asian Development Bank (ADB) under the Climate Change and Disaster Resilience Enhancement Program (CDREP).

Overall, Pakistan’s total liquid foreign currency reserves, which include net reserves held by commercial banks, stood at $16.601 billion—a decrease of $19 million from the prior week.

The net reserves held by banks other than the SBP were recorded at $4.550 billion, reflecting a weekly drop of $32 million.

The sustained $12 billion level in SBP reserves provides a measure of stability, offering a buffer for external obligations and supporting the central bank's efforts to manage foreign exchange pressures.