Reserves hit $16.6b on ADB inflows

Pakistan's total liquid foreign reserves reached $16.6 billion as of November 29, 2024, according to the State Bank of Pakistan (SBP). These reserves include $12 billion held by the SBP and $4.6 billion held by commercial banks. The SBP reserves increased by $620 million during the week, primarily due to an official inflow of $500 million from the Asian Development Bank (ADB). Additionally, the Saudi Fund for Development (SFD) extended the term for a $3 billion deposit maturing on December 5, 2024, by another year. This extension underscores Saudi Arabia's continued support for Pakistan, contributing to strengthened foreign exchange reserves and economic stability. Initially signed in 2021, the agreement has been rolled over annually since 2022, reflecting the strong relationship between the two nations. In the currency market, the Pakistani rupee remained largely stable against the US dollar on Thursday, recording a minor depreciation of 0.01% in the interbank market. By the end of the session, the rupee stood at Rs277.94, slightly lower by Rs0.02 compared to Wednesday's rate of Rs277.92, as per SBP data. In the open market, the rupee traded at Rs277.16, reflecting a marginal increase of Rs0.09 from the previous day's rate.