Key Points
- State Bank reports $22mn weekly increase
- Total reserves stand at $19.79bn
- Commercial banks hold $5.25bn
- Reserves up 0.11% week-on-week
ISLAMABAD: Pakistan’s foreign exchange reserves recorded a slight increase of $22 million, or 0.11 per cent, reaching $19.79 billion in the week ending September 19, the State Bank of Pakistan (SBP) said on Thursday.
According to the central bank, its own reserves increased to $14.54 billion from $14.52 billion in the previous week, while the reserves held by commercial banks stood at $5.25 billion. The marginal improvement comes as the country continues to rely on external inflows to maintain its import cover and meet debt obligations, as indicated by the SBP data.
Economists told local media that while the rise is modest, maintaining reserves near $20 billion is critical for market sentiment, particularly ahead of upcoming external debt repayments. They noted that Pakistan’s reserve position has largely stabilised in recent months due to inflows from multilateral lenders and improved remittances.
In the international market, the US dollar remained steady against major currencies as investors awaited fresh signals on Federal Reserve policy. Meanwhile, the Pakistani rupee traded range-bound in the interbank market, closing at 281.80 against the dollar, according to data published by the State Bank of Pakistan.
