State Bank of Pakistan’s reserves increase by $33 million, indicating positive financial stability, despite a slight decline in overall forex reserves.
Karachi: (RightNow) The State Bank of Pakistan’s foreign exchange reserves increased by $33 million last week. Following this increase, the central bank’s reserves have reached $17.2586 billion.
A State Bank spokesperson stated that the increase in reserves during the week ending July 18 is positive for external payments and financial stability. However, the country’s total foreign exchange reserves have slightly decreased to $22.6696 billion.
According to figures, commercial banks hold reserves of $5.411 billion, contributing to the overall decline in reserves. The increase in the State Bank’s reserves is crucial for the country’s financial stability.
Economists say the rise in State Bank reserves is positive for external payment capacity and rupee stability. However, the overall decline indicates fluctuations in commercial bank reserves.
It is noteworthy that foreign investment, remittances, and financial assistance could potentially improve foreign exchange reserves.
