KARACHI: The foreign exchange reserves of the State Bank of Pakistan (SBP) increased, but the holdings of commercial banks fell during the week ended on Oct 18.

The details provided by the central bank showed the SBP reserves rose by $18 million to $11.040 billion. The surging SBP reserves are ensuring exchange rate stability. However, commercial banks’ forex holdings fell $112m to $4.976bn, indicating slower inflows against the expectations of the currency market. The country’s overall reserves dipped by $14m to $16.017bn during the week under review.

Published in Dawn, October 25th, 2024