KARACHI: In a positive development for the country’s economy, the State Bank of Pakistan (SBP) has announced that foreign exchange reserves have crossed the $16 billion mark.
According to the report released by the SBP, foreign exchange reserves increased by $86.9 million during the week ended March 14, taking their total volume to $16.01 billion.
According to the data, the State Bank’s official reserves increased by $48.9 million, after which they reached the level of $11.14 billion. On the other hand, the deposits of commercial banks also increased by $38 million, to $4.86 billion.
According to economists, the main reasons for this increase in foreign exchange reserves include an increase in exports and remittances, funding from international financial institutions, and stability in the value of the rupee.
Experts say that if the foreign exchange reserves remain stable, it will have a positive impact on the country’s economy. There will be ease of repayment, especially of import payments and external borrowings. However, maintaining this stability can also be a challenge, considering factors such as the global financial situation and import pressures.
