Finance: Leveraging remittances wisely

The foreign exchange reserves held by the State Bank of Pakistan (SBP) slipped to $11.1 billion on March 7 from $11.25bn at the end of February, the latest data reveals. Total forex reserves, including those held by the commercial banks, however, rose to about $15.93bn from around $15.87bn. Despite impressive growth in remittances throughout this fiscal year, SBP’s forex reserves have remained on the decline for some time due largely to external debt payments. The central bank’s reserves peaked at $12.04bn in November before falling to $11.73bn at the end of the last calendar year. Since then, the SBP’s reserves have remained under pressure and are now at their lowest level of $11.1bn as of March 7, 2025.