The State Bank and commercial banks held foreign exchange reserves of over $23.5 billion for the first time in 53 months.
The last time Pakistan’s total foreign exchange reserves were at this level was on November 25, 2016.
Meanwhile, foreign reserves held by the State Bank alone stood at a four-year high at $16.43 billion for the week ended April 23. During the week, State Bank reserves increased by $384 million. Commercial banks held $7.1 billion.
The State Bank shared the foreign exchange reserves data by a week’s delay.
The State Bank’s foreign exchange reserves have been at a comfortable level since April when it received $2.5 billion in proceeds from the issuance of Pakistan Euro Bonds.