KARACHI: The foreign exchange reserves of the State Bank of Pakistan (SBP) increased by $16 million to $9.405 billion during the week ended on July 5.

The reserves exceeded the target of $9bn until the end of FY24. The IMF has been forcing the central bank to improve its forex holdings. The SBP restricted imp­orts, managed the exchange rate, and curtailed dollar outflows from the country.

The country’s total foreign exchange reserves reached $14.644bn during the week under review. This figure includes a significant portion of $5.239bn from commercial banks.

Published in Dawn, July 12th, 2024