Pakistan’s Foreign Reserves Dip Despite Yearly Gains

Pakistan’s foreign exchange reserves dropped by $261.2 million (1.57%) week-on-week (WoW), totaling $16.37 billion for the week ending December 20, 2024. The decline was mainly due to a significant reduction in reserves held by the State Bank of Pakistan (SBP).

Data released by the SBP on Thursday showed that the central bank’s reserves decreased by $228 million (1.89%) WoW, settling at $11.85 billion. Similarly, reserves held by commercial banks fell by $33.2 million (0.73%) WoW, reaching $4.52 billion.

Despite this weekly decline, SBP reserves have increased by $2.46 billion (26.24%) during the current fiscal year. For the calendar year 2024, these reserves have risen by $3.63 billion (44.18%), highlighting the government’s ongoing efforts to strengthen Pakistan’s external position through effective inflows and management strategies.

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