KARACHI: The State Bank of Pakistan (SBP) purchased about $3.8 billion from banks in the first four months of the current fiscal year to improve its foreign exchange reserves and repay some foreign debt.

Bankers said the unexpectedly higher remittances provided enough liquidity in the inter-bank market, encouraging the central bank to buy dollars.

“Between June and October 2024, the SBP’s net foreign exchange interventions reached $3.8bn,” said Tahir Abbas, Head of Research and Investment Strategy at Arif Habib Ltd.

Historically, the State Bank buys dollars from the banking market to keep substantial........

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