KARACHI: The State Bank of Pakistan’s (SBP) foreign exchange reserves increased by a meagre $19 million to $9.423 billion during the week ended July 12.

The SBP reserves have been increasing for several weeks, which has ensured currency stability. The exchange rate largely depends on the central bank’s ability to pay foreign debts promptly.

Experts say the country will have to pay a large amount at the end of this month or in the first week of August for debt servicing.

During the week, the country’s overall reserves increased to $14.703bn, including $5.279bn of commercial banks.

Published in Dawn, July 19th, 2024