Pakistan’s foreign exchange reserves have crossed $12 billion for the first time in over two years, reaching $12.04 billion in November 2024.
This marks an increase of $620 million in just one week, thanks to efforts by the Special Investment Facilitation Council (SIFC).
The total reserves now stand at $16.62 billion, with $4.58 billion held by commercial banks.
The central bank’s reserves grew by $13 million last week, mainly due to over $500 million in inflows from the Asian Development Bank (ADB). These inflows also raised the import cover to 2.15 months, the highest in almost three years.
Analyst Waqas Ghani Kukaswadia from JS Global highlighted that the ADB inflows boosted both reserves and import cover significantly.
Meanwhile, reserves at commercial banks saw a minor drop of $33 million, settling at $4.55 billion, as per Arif Habib Limited’s Tahir Abbas.
Overall, Pakistan’s foreign exchange reserves have been stable, supported by a current account surplus and increased liquidity in the interbank market, according to Shankar Talreja from TopLine Securities.
The SIFC has played a key role in this recovery by building investor confidence and creating a stable business environment.
This rise in reserves signals Pakistan’s improving financial health, providing a buffer for external financial obligations and stabilizing the currency market. Analysts see it as a positive sign for future growth and economic resilience.
