Breakup of official reserve assets as of January

February 29, 2024 (MLN): The official reserve assets, including foreign currency reserves, IMF reserve position, Special Drawing Rights (SDRs), gold, and other reserve assets, stood at $13.53 billion as of January, 2024 compared to $13.67bn recorded in the previous month.

According to the detailed monthly data published by 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 $5.03bn as against $4.85bn 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, was $4.27bn, down from $4.32bn from the previous month.

The data further details that Pakistan's other foreign currency assets amounted to $93.71 as against $97.48m in December.

Meanwhile, the country's predetermined short-term net drains on foreign currency assets amounted to a nominal value of $33.05bn as against December's $29.5bn.

The majority of the outflows, valued at $29.61bn, consisted of foreign currency loans, securities, and deposits.

Among these, $908.79m had a maturity of up to one month, $4.69bn had a maturity of more than one month but up to three months, and $24bn 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 $3.44bn.

This amount included short positions worth $3.61bn while long positions amounted to $170m.

In addition, there are $34.39m in collateral guarantees on debt due within a year, and $1.1bn contingent liabilities in foreign currency fall due up to one month.

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