Breakup of official reserve assets as of June

July 31, 2024 (MLN): The official reserve assets, including foreign currency reserves, IMF reserve position, Special Drawing Rights (SDRs), gold, and other reserve assets, stood at $15.36 billion as of June 2024 compared to $15.13bn recorded in the previous month.

According to the detailed monthly data published by the State Bank of Pakistan (SBP) on Wednesday, the foreign currency reserves, which consist of securities, currency, and deposits held with other central banks and banks in Pakistan and abroad,amounted to $5.76bn as against $5.2bn a month earlier.

The gold reserves, which include gold deposits and swapped gold, amounted to 2.08 million fine troy ounces higher compared to the previous month, While in USD terms, it was recorded at $4.85bn, down from $4.88bn from the previous month.

The data further details that Pakistan's other foreign currency assets amounted to $111.84m as against $93.29m in May.

Meanwhile, the country's predetermined short-term net drains on foreign currency assets amounted to a nominal value of $24.815bn as against May's $26.871bn.

The majority of the outflows, consisted of principal payments valued at $21.25bn, while the interest on foreign currency loans, securities, and deposits stood at $3.57bn during the review month.

Among the principal payments, $4.98bn had a maturity of up to one month, $1.995 had a maturity of more than one month but up to three months and $17.84bn 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 $3.45bn.

This amount included short positions worth $3.57bn while long positions amounted to $125m.

In addition, there are $16.6m in collateral guarantees on debt due within a year, and $1.13bn contingent liabilities in foreign currency fall due up to one month.

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