SBP reserves jump $2.2bn since July

The State Bank of Pakistan’s (SBP) foreign exchange reserves rose further by $131 million to $11.418 billion during the week ended on Nov 22, announced the central bank on Thursday. With the beginning of FY25, the SBP reserves have been increasing each month reflecting both the inflows and dollar buying by the central bank from the currency market. The details showed that the SBP’s reserves were increased to $9.43bn in August from $9.22bn in July, $10.73 in September and $11.203bn in October. Currency market experts said the higher remittances and export proceeds would allow the central bank to buy more dollars from the currency market, which will further improve its reserves to timely meet external debt repayment obligations.