ISLAMABAD: Pakistan’s foreign exchange reserves saw a significant increase in 2024, accompanied by an appreciation of the rupee against the US dollar.
Key developments include:
- Rise in Foreign Exchange Reserves: Total forex reserves grew by over $3.95 billion, reaching $16.63 billion.
- The State Bank of Pakistan’s reserves surged by $3.848 billion, reaching $12.815 billion.
- Commercial banks’ reserves increased by $111.4 million, totaling $4.551 billion.
- Rupee Appreciation: The value of the rupee appreciated by approximately Rs3 against the US dollar over the year.
- Comparison with 2023:
- At the end of 2023, total foreign exchange reserves stood at $12.673 billion, with the State Bank holding $8.23 billion and commercial banks $4.43 billion.
This growth highlights improved economic indicators and enhanced confidence in Pakistan’s financial stability.
