Karachi, September 21, 2023 – Pakistan’s foreign exchange reserves have seen an increase of $107 million for the week ending September 15, 2023, according to official data released on Thursday by the State Bank of Pakistan (SBP).
The country’s foreign exchange reserves now stand at $13.186 billion, compared to $13.079 billion the previous week, as of September 8, 2023.
However, it is important to note that Pakistan’s foreign exchange reserves remain significantly lower than the peak level achieved in August 2021 when the reserves reached a robust $27.2 billion. This significant decline raises concerns about Pakistan’s ability to effectively meet its import requirements and maintain stability for the Pakistani rupee in the international currency market.
The official foreign exchange reserves of the SBP recorded an increase of $56 million, reaching $7.695 billion as of September 15, 2023, compared to $7.639 billion a week ago. Additionally, foreign exchange reserves held by commercial banks increased by $51 million, reaching $5.491 billion, compared to $5.44 billion the previous week.
Pakistan has been facing a balance of payment crisis, highlighting the importance of strengthening its level of foreign exchange reserves to ensure economic stability and meet its international financial obligations. The increase in reserves is a positive development, but challenges remain in restoring them to previous high levels.