State Bank's reserves edge up by $30.7 million, total reserves cross $16.6 billion

The foreign exchange reserves held by the State Bank of Pakistan (SBP) rose by $30.7 million (0.25% WoW) to $12.08 billion during the week ending December 13, 2024, according to data released by the SBP on Thursday.

The country’s total reserves also saw a slight increase of $31.8 million (0.19% WoW), reaching $16.63 billion. Meanwhile, commercial bank reserves rose marginally by $1.1 million (0.02% WoW) to $4.55 billion.

Since the beginning of the fiscal year, SBP-held reserves have surged by $2.69 billion (28.67%), while the calendar year has seen an even sharper increase of $3.86 billion (46.96%).

The upward trajectory in reserves reflects ongoing efforts to stabilize the country’s external accounts amid economic headwinds.