Pakistan, foreign exchange, reserves, Forex, Pakistan foreign exchange

Pakistan’s foreign exchange reserves hit five-year high

Pakistan’s foreign exchange reserves hit a five-year high of $23.2 billion last week with the State Bank of Pakistan crediting the rise to the country’s return to the international debt market, reported The News.

“The increase in reserves is attributed to receipt of proceeds of $2.5 billion against issuance of Pakistan euro bonds,” the SBP said in a statement on Thursday.

The country’s forex reserves hit $23.2 billion – the highest level since June 30, 2016.

The reserves surged by Rs2.5 billion or 12.2% on a weekly basis. The reserves held by the country stood at $20.6 billion in the previous week.

The central bank’s reserves rose to $16.1 billion, marking the highest level since FY2017.

SBP’s reserves increased by $2.5 billion week-on-week and a week ago the reserves were at $13.5 billion.

The reserves held by commercial banks stood at $7.1 billion.

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