Pakistan's forex reserves surge $15mn

Karachi: Foreign exchange reserves held by the State Bank of Pakistan (SBP) swelled by $15 million on a weekly basis, clocking in at $9.13 billion as of May 10.

According to the official data released by the central bank on Thursday, total liquid foreign reserves held by the country stood at $14.62bn, while net foreign reserves held by commercial banks stood at $5.49bn. The SBP didn’t specify a reason for the increase in the reserves.

“During the week ended on 10-May-2024, SBP reserves increased by US$ 15 million to US$ 9,135.5 million,” it said.

Last week, Pakistan’s central bank reserves significantly increased by $1.114bn to reach above $9bn after the International Monetary Fund (IMF) released the last tranche under the $3bn Standby Arrangement.