The State Bank of Pakistan (SBP) reported a significant milestone as its foreign exchange reserves exceeded $12 billion by the end of last week.

In its latest weekly report, the SBP disclosed that reserves increased by $620 million during the week ending November 29, climbing to $12.038 billion from $11.418 billion on November 22.

This sharp increase is largely due to an inflow of $500 million from the Asian Development Bank (ADB). Earlier in November, SBP Governor Jameel Ahmed had predicted that the reserves would surpass $12 billion by the month’s end. His forecast proved accurate, with reserves reaching $12.038 billion. However, reserves held by commercial banks saw a $76 million decline during the same period, dropping to $4.582 billion. Overall, Pakistan’s total liquid foreign exchange reserves rose by $544 million, standing at $16.62 billion as of last week, compared to $16.076 billion a week earlier.