SBP-held forex reserves swell $16mn

Karachi: The country's foreign exchange reserves jumped by $16 million on a weekly basis, clocking in at $9.1 billion as of May 31.

According to the data released by the State Bank of Pakistan (SBP) on Thursday, total liquid foreign reserves held by the country stood at $14.2bn. Net foreign reserves held by commercial banks stood at $5.1bn.

The central bank didn't specify a reason for the increase in the reserves. “During the week ended on 31-May-2024, SBP reserves increased by $16 million to $9,109.5mn,” it said.

Last week, Pakistan’s central bank reserves decreased by $63mn.