SBP’s Foreign Reserves Increase by $53 Million

The foreign reserves of the State Bank of Pakistan saw an increase of $53 million and surged up to $17.199 billion at the end of last week. However, a decline was seen in Total Liquid Forex Reserves as they moved down to $23.925 billion from $23.933 billion, a decrease of $8 million. Net reserves with SBP during October decreased drastically. On October 1, the net reserves of SBP were recorded at $19.169 billion whereas, by the end of the month, the net reserves dropped to $17.199 billion. The biggest fall came during the third week of the month as net reserves dropped from $19.138 billion on October 8 to $17.492 billion on October 15. Consequently, a decline in Total Liquid Forex Reserves was seen during the month. At the beginning of the month, the total liquid forex reserves stood at $25.999 billion, and by the end of the month, the reserves were recorded at $23.925 billion. Over the past few months, the foreign reserves have depicted an irregular trend. The foreign reserves held by SBP witnessed a massive increase and went from $17.846 billion in July 2021 to $20.074 billion in August 2021. However, by the end of September 2021, the foreign reserves held by the central bank witnessed a dip and settled at $19.253 billion.