The State Bank of Pakistan-held foreign exchange reserves rose by 9.4% on a week-on-week basis, the central bank said on Thursday.

In a statement, the central bank said the foreign currency reserves held by the SBP were recorded at $3,192.9 million as of February 10, up $276 million compared with $2,916.7 on February 3.

The net forex reserves held by commercial banks stand at $5,509.3 million, $2,316.4 billion more than the SBP, bringing the total liquid foreign reserves of the country to $8,702.2 million, the statement mentioned. The central bank did not mention any specific reason behind an increase in SBP-held reserves.

https://twitter.com/StateBank_Pak/status/1626241130567196673

In recent days, the flow of foreign currency has increased in Pakistan’s market compared to consumer demand. “Surplus supplies have encouraged the central bank to intervene (by buying dollars to strengthen the forex reserves),” a market commentator said.

Exporters are selling the US greenback in the market on reports the rupee will stabilise around Rs265-275 to a dollar. Similarly, the inflow of workers’ remittances through official channels has increased after 16.5% devaluation of the rupee in the previous two weeks.

Overall, the liquid foreign currency reserves held by the country, including the net reserves held by banks other than the SBP, stood at $8,702.2 million. The net reserves held by commercial banks amounted to $5,509.3 million.