Pakistan's Foreign Reserves Surge to $22.5 Billion Amid Gold Price Rally
Pakistan's foreign reserves have edged up to $22.5 billion as of August 13, according to the State Bank of Pakistan's latest weekly data.
The central bank's holdings rose by $25 million to $17.1 billion, while commercial banks' net foreign reserves declined by approximately $17 million to $5.4 billion.
This has resulted in an overall increase of about $7.8 million in the country's liquid foreign reserves compared to the previous week.
The current reserves provide roughly 2.55 months of import cover, and the Pakistani rupee closed at 277.57 against the US dollar on Thursday, gaining Rs0.03 from Wednesday's rate.
Gold prices in Pakistan rose sharply despite a global dip, driven by local demand and currency factors.
The price of gold per tola climbed to Rs471,936 after a surge of Rs13,700 during the day, while ten-gram gold was quoted at Rs404,609, up Rs11,746.