KARACHI: The State Bank of Pakistan (SBP) reported a $620 million increase in foreign exchange reserves, according to ARY News.
In a statement, the SBP announced that Pakistan’s total foreign reserves have risen to $16.62 billion, supported by a recent loan transfer from the Asian Development Bank (ADB). The central bank’s reserves exceeded $12 billion as of November 29, 2024.
The SBP revealed that its liquid foreign exchange reserves grew by $620 million to reach $12,038.3 million, bolstered by an inflow of $500 million from the ADB. This amount was provided under the Climate Change and Disaster Resilience Enhancement Program (CDREP), a policy-based loan aimed at strengthening disaster risk reduction and resilience in Pakistan.
Meanwhile, net foreign reserves held by commercial banks for the same week stood at $4,581.7 million.
For context, Pakistan’s total liquid foreign reserves in the week ending November 22 were $16,076.2 million, with the SBP holding $11,418.5 million and commercial banks holding $4,657.7 million.
In a related development, Saudi Arabia has extended the term of its $3 billion safe deposit for Pakistan. The Saudi Fund for Development (SFD) confirmed that the deposit, initially maturing on December 5, 2024, has been extended for another year to support Pakistan’s economic stability.
