Pakistan’s foreign exchange reserves saw a decline of $261.2 million or 1.57% on a week-on-week basis, bringing the total to $16.37 billion during the week ending December 20, 2024. The decline was primarily driven by a significant decline in reserves held by Pakistan. State Bank of Pakistan (SBP).
According to data released by the State Bank of Pakistan on Thursday, the central bank’s reserves fell by $228 million or 1.89% year-on-year, to settle at $11.85 billion. Likewise, reserves held by commercial banks saw a decline of $33.2 million or 0.73% year-on-year, to $4.52 billion.
Despite the weekly decline, the current fiscal year saw an increase of $2.46 billion or 26.24% in the reserves held by the State Bank of Pakistan. Moreover, during the calendar year 2024, these reserves increased by $3.63 billion or 44.18%, reflecting the government’s efforts to stabilize the country’s external situation through inflows and prudent management.
The detailed numbers for this week are as follows:
| The foreign reserves it holds | December 20, 2024 | December 13, 2024 | It changes | % changes |
|---|---|---|---|---|
| State Bank of Pakistan | $11,853.5m | $12,081.5m | – $228.0 million | -1.89% |
| Commercial banks | $4,518.0 million | $4,551.2m | -$33.2m | -0.73% |
| Total liquid foreign reserves | $16,371.5m | $16,632.7 million | -$261.2m | -1.57% |
The decrease in reserves comes amid market adjustments and ongoing efforts to manage external financing challenges. Analysts are watching these trends closely, especially as Pakistan continues to deal with its financial and external obligations.
Market participants and policymakers are expected to take these changes into account as they strategize for the coming weeks to maintain financial stability.