SBP Reserves Cross $12 Billion for First Time Since March 2022  

The foreign exchange reserves held by the State Bank of Pakistan (SBP) increase by $620 million on a weekly basis according to data issued by the central bank on Thursday.    According to the latest data released by the SBP, on November 29, the foreign currency reserves held by the SBP were recorded at $12.038 billion, up $620 million compared to $11.419 billion on November 22. The increase took the reserves to the highest level since March 2022. It is pertinent to mention here that the central bank recently received $500 million from Asian Development Bank (ADB) as proceeds of a loan to the Government of Pakistan for Climate Change and Disaster Resilience Enhancement Program (CDREP).   Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $16.620 billion, up 544 million over the previous week. The net reserves held by banks were recorded at $4.582 billion, registering a decrease of $77 million during the week.