KARACHI: The State Bank of Pakistan (SBP) on Wednesday announced that it had surpassed its foreign exchange reserves target of $14bn for FY25, with total reserves standing at $14.51bn as of June 30.

In a press statement, the SBP said the target was achieved despite a sharp decline of $2.7bn in reserves up to June 20. The fall was offset by inflows of $3.6bn from commercial banks and multilateral sources, bringingthe reserves to $12.66bnby that date.

However, by the end of June, the SBP had arranged additional funds not only to meet but exceed the target.

The central bank did not disclose the sources of the final inflows. According to the SBP`s previous weekly report, the bank required $1.34bn more to reach the $14bn mark a gap that was ultimately closed and surpassed.

During the first nine months of FY25, the SBP purchased $6.8bn from the interbank market. Analysts in the financial sector believe the bank made aggressive purchases in June, prioritising reserves accumulation even at the cost of import demand.-Staff Reporter