Pakistan's foreign reserves rise to $16.08 billion

Pakistan's total liquid foreign reserves have reached $16,076.2 million, sufficient for a 3-month import cover.

As of November 22, 2024, the foreign reserves held by the State Bank of Pakistan (SBP) amounted to $11.42 billion, while the net foreign reserves held by commercial banks stood at $4.66 billion, bringing the total liquid foreign reserves to $16.08 billion.

During the week ending on November 22, 2024, the SBP's reserves saw an increase of $131 million.

In the last financial year, exports amounted to USD 12 billion in five months. This year, from July to November, exports exceeded USD 13 billion, marking real progress in maintaining a stable exchange rate while increasing exports.

Pakistan's foreign exchange reserves are improving and now exceed three months' worth of imports. This improvement will increase the confidence of global rating agencies. Pakistan is now more capable of making external payments than before.

Moody's and Fitch have improved Pakistan's rating, acknowledging the improvement in the economy. The government of Pakistan has over USD 11 billion in reserves, which have increased by 57% in one year.