Breakup of official reserve assets as of May

June 29, 2024 (MLN): The official reserve assets, including foreign currency reserves, IMF reserve position, Special Drawing Rights (SDRs), gold, and other reserve assets, rose to $15.13 billion as of May 2024 compared to $15.05bn recorded in the previous month.

This translates to a rise of $78.03m or 0.5% MoM.

According to the monthly data published by State Bank of Pakistan (SBP) on Friday, the foreign currency reserves, which consist of securities, currency, and deposits held with other central banks and banks in Pakistan and abroad, stood at $5.2bn as against $4.78bn held a month earlier, depicting a rise of $419.39m or 8.8%

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 $4.88bn, up $85.78m or 1.8% from the previous month's $4.8bn.

The data further details that Pakistan's other foreign currency assets amounted to $193.29m as against $118.51m in April.

Meanwhile, the country's predetermined short-term net drains on foreign currency assets amounted to a nominal value of $26.87bn as against April's $27.52bn.

The majority of the outflows consisted of principal payments valued at $23.19bn, while the interest on foreign currency loans, securities, and deposits stood at $3.68bn during the review month.

Among the payments, $7.19bn had a maturity of up to one month, $3.73bn had a maturity of more than one month but up to three months and $15.95bn 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 $3.3bn.

This amount included short positions worth $3.57bn while long positions amounted to $265m.

In addition, there were $24.18m in collateral guarantees on debt due within a year, and $1.14bn contingent liabilities in foreign currency fall due up to one month.

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