Karachi: The State Bank of Pakistan’s foreign exchange reserves recorded an increase of $16 million during the week. The central bank’s reserves increased to $21.469 billion in the week ending October 9.
According to data released by the central bank, the country’s total liquid foreign exchange reserves during this period stood at $26.863 billion. This includes $5.393 billion held by commercial banks.
Foreign exchange reserves are important for import payments, repayment of external debts and financial stability. However, a weekly increase in reserves is not conclusive evidence of overall improvement in the economy.
Trends in import requirements, exports, remittances and external financial assistance will play a significant role in determining the direction of reserves in the coming months.
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