Pakistan’s total liquid foreign reserves fell to $15.93 billion as of November 1, 2024, representing a decline from the previous week’s $16.05 billion, according to recent data released by the State Bank of Pakistan (SBP).
The latest figures show that the State Bank of Pakistan holds $11.17 billion of the total, while commercial banks hold $4.76 billion.
By comparison, reserves stood at about $16.5 billion at the beginning of October, highlighting the gradual and steady depletion over the past month.
In November 2023, Pakistan’s reserves were estimated at $17.1 billion, meaning that reserves have seen a contraction of nearly 7% over the past year.
This decline is partly due to Pakistan’s debt service obligations and widening current account deficit, factors that continue to shape the State Bank of Pakistan’s prudent reserve management strategy.
As reserve levels directly impact Pakistan’s economic stability and credit standing, the government is actively working with international partners and exploring options to attract foreign investment, with the aim of reversing this trend.