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       KARACHI. The foreign exchange reserves of the State Bank increased by $18 million to $11.274 billion during the week ending on Nov 1, announced by the central bank on Thursday.

       However, the country’s total reserves declined by $118m to $15.9bn during the week. The forex holdings of commercial banks also noted a drop of $137m to $4.8bn. Experts said the SBP reserves are enough to cover the country’s two months of imports.

       SBP Governor Jameel Ahmed has recently said that he is expecting $500m from the Asian Development Bank this week, which would boost the reserves to $11.7bn.

       Published in Dawn, November 8th, 2024