Pakistan's total foreign exchange reserves saw a modest increase this week, despite a slight decrease in the holdings of the State Bank of Pakistan (SBP).
According to reports, the State Bank's dollar reserves dipped by $100,000 to settle at $8.04 billion. However, this decline was offset by a rise in the dollar deposits held by commercial banks in Pakistan. These deposits increased by $6.29 million to reach $5.4014 billion.
The net result is an overall increase of $62.8 million in Pakistan's domestic foreign exchange reserves over the past week. This brings the total reserves to $13.4417 billion.
While the slight decrease in the State Bank's reserves is worth noting, the increase in commercial bank deposits suggests a potential positive sign for Pakistan's foreign exchange situation. It's possible that businesses and individuals are bec oming more comfortable holding onto their dollars within the banking system.
