Karachi: Pakistan's total liquid foreign exchange reserves rose by USD 65.9 million to USD 26.863 billion for the week ended October 9, according to figures the State Bank of Pakistan (SBP) released on Thursday, October 15.

The central bank's reserves rose by USD 15.8 million, or about USD 16 million, to USD 21.4695 billion, up from USD 21.4537 billion the previous week.

Net foreign exchange reserves held by commercial banks rose by USD 50.1 million to USD 5.3938 billion, up from USD 5.3437 billion a week earlier.

Combined reserves of the central bank and commercial banks stood at USD 26.8633 billion, up from USD 26.7974 billion on October 2.

Commercial banks drove the weekly increase in total reserves, accounting for about three quarters of the rise.

The central bank did not specify the reasons behind the latest weekly increase.

Pakistan's central bank reserves remained elevated following inflows of USD 3 billion from Eurobond issuance, despite pressure from a widening trade deficit.

The reports said an improved external current account and purchases of foreign currency from the domestic market also supported reserve accumulation.

Meanwhile, Finance Minister Muhammad Aurangzeb said the government aims to raise Pakistan's sovereign credit rating to the double B category through sustained economic reforms.

The increase also follows a staff level agreement between Pakistan and the International Monetary Fund (IMF) to review two financing programmes.

Subject to approval by the IMF's executive board, the agreement could unlock about USD 1.21 billion in additional financing, including about USD 1 billion under the Extended Fund Facility and USD 210 million under the Resilience and Sustainability Facility.

The latest figures show a modest weekly increase in Pakistan's foreign exchange reserves as the country continues to manage external financing requirements and international payment obligations.