Sunday, May 26, 2024

State Bank of Pakistan’s Liquid Foreign Exchange Reserves Reaches $12.93 Billion

According to the stats issued by the State Bank of Pakistan (SBP) liquid foreign exchange reserves held by the country currently have increased by around 5.62% from the previous month. The current liquid foreign exchange reserves in total are $20,085 million as compared to 9 October 2015 that was $19,015 million.

The net reserves by the SBP were recorded to be like $12,931 million that is the highest since 2018. On an annual basis, the total reserves that are held by Pakistan have increased to 25%. They were only $16,003 million in November 2019 as compared to $20,085 million recorded on 13 November 2020.

These are the highest levels of foreign exchange reserves that are recorded on a yearly basis since the year 2016-17 as when they were $21,402 million. It is a result of a huge inflow of the worker’s remittances and increases in the overall corporate profitability in the country, Pakistan.

The Foreign Direct Investment (FDI) also has doubled just during the first quarter of this Fiscal Year 2020-21. However, many people are selling their reserved dollars at an increasingly lesser rate just due to a gain of the rupee (PKR) against the dollar. Everyone hopes that the economy continues to grow and soon becomes stable in the future like in upcoming years.

Mehjabeen Qasim
Mehjabeen Qasim
Business Journalist at Startup Pakistan

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