State Bank reserves rise by $27m

The foreign exchange reserve of the State Bank increased by $27 million to $11.249 billion during the week ended on Feb 28. The SBP did not specify the sources of this inflow, but it is widely understood in the market that it has been purchasing dollars from the interbank market. The SBP is trying to maintain its reserves to reach the target of $13bn by the end of FY25. An IMF mission is currently in Pakistan for a forensic audit of the economic progress made during the first 8 months of the current fiscal year. The market sources believe the SBP reserves should be on the higher side. The country’s total foreign exchange reserves were $15.873bn, including $4.624bn held by commercial banks during the week.