Islamabad (HRNW) Domestic foreign exchange reserves increased by $126 million to $17.32 billion while funds held by commercial banks increased to $6.69 billion, bringing the cumulative forex reserves at $24 billion in the first week of November, according to data released by the State Bank of Pakistan or SBP on Thursday.
On October 22, foreign exchange reserves held by the SBP declined by $346 million on a weekly basis to $17.146 billion. However, Pakistan’s reserves increased by $53 million after the announcement of Saudi Arabia’s $4.2 billion support package.
Pakistan’s export increased by 24% in the first quarter of the current financial year from a year ago, according to the latest data released by the Pakistan Bureau of Statistics.
The value of export of services reached $1.57 billion between July and September 2021 from $1.27 billion over the corresponding period of last year which also pushed up reserves to $24 billion.
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