Breakup of official reserve assets as of February

March 28, 2024 (MLN): The official reserve assets, including foreign currency reserves, IMF reserve position, Special Drawing Rights (SDRs), gold, and other reserve assets, stood at $13.34 billion as of February 2024 compared to $13.53bn recorded in the previous month.

According to the detailed monthly data published by the State Bank of Pakistan (SBP) on Thursday, the foreign currency reserves, which consist of securities, currency, and deposits held with other central banks and banks in Pakistan and abroad, amounted to $4.78bn as against $5.03bn a month earlier.

The gold reserves, which include gold deposits and swapped gold, amounted to 2.079 million fine troy ounces unchanged compared to the previous month, While in USD terms, it was recorded at $4.26bn, down from $4.27bn from the previous month.

The data further details that Pakistan's other foreign currency assets amounted to $113.44m as against $93.71m in January.

Meanwhile, the country's predetermined short-term net drains on foreign currency assets amounted to a nominal value of $29.55bn as against January's $29.61bn.

The majority of the outflows, valued at $25.72bn, consisted of principal payments, while the interest on foreign currency loans, securities, and deposits stood at $3.83bn during the review month.

Among the principal payments, $2.685bn had a maturity of up to one month, $2.78bn had a maturity of more than one month but up to three months and $20.25bn had a maturity of more than three months but up to one year.

The report also indicated that Pakistan's aggregate short and long positions in forwards and futures in foreign currencies vis-à-vis the domestic currency, including the forward leg of currency swaps, amounted to $3.34bn.

This amount included short positions worth $3.62bn while long positions amounted to $220m.

In addition, there are $34.39m in collateral guarantees on debt due within a year, and $1.127bn contingent liabilities in foreign currency fall due up to one month.

Copyright Mettis Link News