In a positive turn of events, the Pakistani currency has experienced a significant improvement during the current financial year, with the State Bank of Pakistan’s foreign exchange reserves nearly doubling.
Reports indicate a noteworthy 2.3 percent increase in the value of the Pakistani currency against the US dollar since the commencement of the financial year 2023-24.
Experts attribute this positive trend to the gradual enhancement of foreign exchange reserves in Pakistan. At the beginning of the fiscal year, the State Bank held foreign exchange reserves amounting to $4.5 billion, a figure that has now surged to approximately $8.27 billion as of the last week.
In the past week alone, the country's total foreign exchange reserves witnessed a substantial boost, increasing by $243 million. This surge propelled the overall foreign exchange reserves to reach $13.34 billion. The State Bank reports that, as of January 19, its foreign exchange reserves amounted to $8.27 billion, while commercial banks held $5.07 billion.
This positive economic trajectory is indicative of Pakistan’s strengthened financial position, marked by an increase in foreign exchange reserves, which, in turn, has contributed to the improvement in the value of the Pakistani currency against the US dollar.
