As of November 15, 2024, Pakistan’s total liquid foreign exchange reserves rose to $15,967.7 million, according to data released by the State Bank of Pakistan (SBP).
The reserves include $11,288.0 million held by SBP and $4,679.7 million with commercial banks.
During the week ending November 15, SBP reserves recorded a modest increase of $29 million, rising from $11,259.0 million to $11,288.0 million. Meanwhile, reserves with commercial banks saw a minor reduction but remained steady at $4.68 billion.
This growth reflects the ongoing recovery of Pakistan’s foreign reserves compared to the sharp decline in previous years. The total reserves had plunged to $9,160.0 million in 2022-23 but have since rebounded, with provisional figures for 2023-24 showing an increase to $13,996.7 million.
The year-on-year trend indicates significant progress, as reserves rose from $12,033.3 million in October 2023 to $15,467.7 million in October 2024, driven primarily by the SBP’s improved holdings. The SBP reserves surged by $3,730.3 million over the same period, while commercial bank reserves dipped slightly by $295.9 million.
