FY24: forex reserves record increase of over $5bn on foreign inflows

The country’s total liquid foreign exchange reserves recorded an increase of over $5 billion during the last fiscal year (FY24). According to the State Bank of Pakistan’s statistics, Pakistan’s foreign exchange position has improved during the last fiscal year supported by arrival of inflows from the international financial and multilateral agencies.

Pakistan during the fiscal year availed a short-term Stand-by Arrangement program to build the depleting foreign exchange reserves, while China has also rescheduled a $2 billion loan to support Pakistan’s economy. According to SBP, the country’s total liquid foreign exchange reserves rose to $14.573 billion mark as of June 28, 2024 compared to $9.160 billion as of June 28, 2023, showing an increase of $ 5.413 billion in FY24.

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