Pakistan’s Forex Reserves Surge to $14.047 Billion

Karachi/Bussnisus Reporter- Pakistan’s Forex Reserves Surge to $14.047 Billion, Pakistan’s foreign exchange reserves have seen a significant increase, rising to $14.047 billion, according to the latest data from the State Bank of Pakistan (SBP). This marks a notable improvement in the country’s foreign exchange reserves, which have been steadily increasing over the past few months.

According to the latest data, total domestic foreign exchange reserves rose by $8 million, reaching a total of $14.047 billion.

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The SBP’s own reserves saw a significant increase of $511 million, bringing the total to $9.15 billion. Additionally, deposits held by commercial banks experienced a rise of $291 million, now totaling $5.31 billion.

This upward movement in foreign exchange reserves indicates a strengthening of Pakistan’s economic stability, driven by consistent growth in both central bank holdings and commercial bank deposits. The increase is seen as a positive development, contributing to greater confidence in the country’s financial management and economic outlook.

The rise in foreign exchange reserves is expected to provide a much-needed boost to Pakistan’s economy, which has been facing challenges in recent times. The increased reserves will help stabilize the currency, improve the country’s creditworthiness, and provide a cushion against external shocks.

The SBP has welcomed the increase in foreign exchange reserves, stating that it reflects the country’s improving economic fundamentals and its ability to attract foreign investment. The government has also expressed optimism about the development, saying it will help achieve economic stability and growth.