Foreign currency reserves rise $31m to $12.08b

The foreign exchange reserves, held by the State Bank of Pakistan, rose $31 million to $12.08 billion in the week ended December 13, 2024, according to data released by the central bank on Thursday. With the fresh increase, Pakistan's total liquid foreign currency reserves reached $16.63 billion, reflecting the country's improving financial position that provided around three months of import cover. Out of the total deposits, commercial banks held reserves of $4.55 billion. In the precious metals market, gold prices fell, mirroring the decline in international markets. The price of bullion per tola dropped Rs2,600 and settled at Rs273,300, according to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).