Pakistan’s Foreign Reserves Surge to $12.066 Billion

The foreign exchange reserves of the country surged by $268 million for the week ending on October 16.

According to the data released by the State Bank of Pakistan (SBP), the foreign exchange reserves maintained by the central bank have surged to $12.066 billion whereas the foreign exchange maintained by commercial banks stood at $7.235 billion.

SBP reserves have increased by $268 million due to GOP’s official inflows.

It is pertinent to mention here that the consistent inflows of foreign exchange in the country due to overseas’ remittances, investments through Roshan digital accounts, and export receipts maintained a favorable balance of supply and demand of the greenback in the local market causing Rupee to gain stability gradually.

The improvement in the value of the Rupee against the Dollar will not only reduce the installments of debt payments but it will also cause a favorable impact on the import bill of the country.

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