Forex reserves surge to $8.22b as SBP adds another $464m
.png)
By MG News | January 04, 2024 at 07:27 PM GMT+05:00
January 04, 2024 (MLN): The foreign exchange reserves held by the State Bank of Pakistan (SBP) surged for a second consecutive week, showing an increase of $464.1 million or 5.98% WoW to $8.22 billion during the week ended on December 29, 2023, according to the official data released on Thursday.
Last week, the central bank recorded a significant increase of $852.3m.
SBP cited official government inflows for this increase; however, it did not provide any further details.
These inflows are likely the fundings from the Asian Development Bank and the World Bank.
ADB had approved funds worth $659m earlier in December to support Pakistan’s sustainable development, while another $180m in November for water supply improvement and solid waste management.
Moreover, the World Bank approved $350m in December for RISE-II Operation to boost Pakistan’s economic resilience.
During the week ended December 29, the country's total reserves rose by $364.9m or 2.84% WoW to $13.22bn.
The reserves held by commercial banks diminished by $99.2m or 1.95% WoW to $5bn.
Pakistani authorities are scheduled to meet with the International Monetary Fund (IMF) on January 11, 2024, with expectations of the approval of a second tranche of $700m under the current loan program.
To note, towards the end of FY23, the IMF being a last resort saved Pakistan from a sovereign debt default with a $3bn Stand-by Arrangement (SBA).
The initial disbursement of $1.2bn from the IMF, alongside other bilateral inflows gave a substantial boost to the depleting foreign reserves held by the country.
Consequently, in the current fiscal year, total liquid foreign reserves have increased by $4.06bn or 44.33%.
Meanwhile, the current calendar year has seen an increase of $2.38bn or 21.9%.
Foreign reserves held by | December 29, 2023 | December 22, 2023 | Change | % Change |
---|---|---|---|---|
State Bank of Pakistan | 8221.2 | 7757.1 | 464.10 | 5.98% |
Net Foreign Reserves Held by Banks | 4999.4 | 5098.6 | -99.2 | -1.95% |
Total Liquid Foreign Reserves | 13220.6 | 12855.7 | 364.9 | 2.84% |
Amount in USD Million
Copyright Mettis Link News
Related News
Name | Price/Vol | %Chg/NChg |
---|---|---|
KSE100 | 133,782.35 325.79M |
0.91% 1205.36 |
ALLSHR | 83,615.82 940.14M |
0.76% 632.14 |
KSE30 | 40,681.77 65.23M |
0.80% 322.98 |
KMI30 | 191,640.88 61.56M |
0.48% 913.56 |
KMIALLSHR | 55,891.51 405.64M |
0.35% 193.03 |
BKTi | 36,988.68 20.05M |
2.06% 746.62 |
OGTi | 28,181.50 5.52M |
-0.50% -141.92 |
Symbol | Bid/Ask | High/Low |
---|
Name | Last | High/Low | Chg/%Chg |
---|---|---|---|
BITCOIN FUTURES | 111,595.00 | 112,170.00 111,295.00 |
-650.00 -0.58% |
BRENT CRUDE | 69.88 | 70.42 69.82 |
-0.31 -0.44% |
RICHARDS BAY COAL MONTHLY | 97.50 | 0.00 0.00 |
1.00 1.04% |
ROTTERDAM COAL MONTHLY | 110.00 | 110.00 110.00 |
2.25 2.09% |
USD RBD PALM OLEIN | 998.50 | 998.50 998.50 |
0.00 0.00% |
CRUDE OIL - WTI | 67.99 | 68.57 67.91 |
-0.39 -0.57% |
SUGAR #11 WORLD | 16.34 | 16.56 16.28 |
-0.22 -1.33% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
Name | Last | Chg/%Chg |
---|
Name | Last | Chg/%Chg |
---|