Karachi: In positive news for Pakistan’s economy, the State Bank of Pakistan (SBP) has announced a significant increase in the country’s foreign exchange reserves, which surged by $759.3 million during the month of October. This growth indicates an improvement in external payments and an increased inflow of foreign currency.
According to data released by the State Bank, although the total foreign exchange reserves saw a marginal weekly decline of $24 million during the business week ending October 31, this dip was small compared to the overall monthly performance in October.
The central bank reported that as of October 31, the country’s total foreign exchange reserves stood at $19.66 billion. Breaking down this total:
- State Bank Reserves: These reserves increased by $31.2 million to reach $14.50 billion.
- Commercial Bank Reserves: These reserves saw a reduction of $55.2 million, decreasing to $5.16 billion.
The rise in the State Bank’s reserves reflects efforts to bolster the country’s financial position, though the dip in commercial bank reserves is an aspect that economic analysts will monitor. Overall, the significant monthly increase in October is considered an encouraging development on the economic front.
