Pakistan’s forex reserves reach $26.8bn

Pakistan’s total liquid foreign exchange reserves increased by $15 million during the latest week, reaching $26.797 billion, according to data released by the State Bank of Pakistan (SBP) on Thursday.

The SBP’s foreign exchange reserves rose by $15 million to $21.4547 billion, while reserves held by commercial banks stood at $5.3437 billion.

As a result, the country’s total liquid foreign exchange reserves reached $26.7974 billion, the SBP said.

The increase in the central bank’s reserves comes as Pakistan and the International Monetary Fund (IMF) reached a staff-level agreement on the fourth review of the $7 billion Extended Fund Facility (EFF) and the third review of the Resilience and Sustainability Facility (RSF).

The agreement, announced on October 7, could unlock around $1.2 billion in additional financing for Pakistan, subject to approval by the IMF Executive Board.