Pakistan’s foreign exchange reserves witnessed a decline of $261.2 million or 1.57% week-on-week (WoW), bringing the total to $16.37 billion during the week ending December 20, 2024. The decrease was primarily driven by a significant reduction in reserves held by the State Bank of Pakistan (SBP).
According to data released by the SBP on Thursday, the central bank’s reserves fell by $228 million or 1.89% WoW, settling at $11.85 billion. Similarly, reserves held by commercial banks saw a decline of $33.2 million or 0.73% WoW, standing at $4.52 billion.
Despite the weekly decline, the current fiscal year has seen an increase of $2.46 billion or 26.24% in SBP-held reserves. Moreover, during the calendar year 2024, these reserves rose by $3.63 billion or 44.18%, reflecting the government’s efforts to stabilize the country’s external position through inflows and prudent management.
The detailed figures for the week are as follows:
| Foreign Reserves Held By | Dec 20, 2024 | Dec 13, 2024 | Change | % Change |
|---|---|---|---|---|
| State Bank of Pakistan | $11,853.5m | $12,081.5m | -$228.0m | -1.89% |
| Commercial Banks | $4,518.0m | $4,551.2m | -$33.2m | -0.73% |
| Total Liquid Foreign Reserves | $16,371.5m | $16,632.7m | -$261.2m | -1.57% |
The reduction in reserves comes amid market adjustments and ongoing efforts to manage external financing challenges. Analysts are monitoring the trends closely, particularly as Pakistan continues to navigate its fiscal and external obligations.
Market participants and policymakers are expected to take these changes into account as they strategise for the upcoming weeks to maintain financial stability.
