According to Presstonight, the central bank’s forex reserves increased to $9.157 billion as of May 17, marking a $22 million rise, even though the overall reserves dropped by $41 million to $14.585 billion. The State Bank of Pakistan (SBP) reported that the country’s total forex reserves declined by $41 million to $14.585 billion, with commercial banks’ reserves decreasing by $63 million to $5.428 billion. The SBP’s reserves are sufficient to cover two months’ worth of import payments.
From June 2023, the SBP’s reserves have grown from $4 billion to $9.1 billion, following the successful completion of the International Monetary Fund’s (IMF) $3 billion stand-by arrangement, which concluded last month.
