Official reserve assets rise to $15.4bn as of July

August 12, 2024 (MLN): The official reserve assets, including foreign currency reserves, reserve position in funds, Special Drawing Rights (SDRs), gold, and other reserve assets, rose to $15.41 billion as of July 2024 compared to $15.36bn recorded in the previous month.

This translates to a rise of $45.42m or 0.3% MoM.

According to the monthly data published by State Bank of Pakistan (SBP) on Monday, the foreign currency reserves, which consist of securities, currency, and deposits held with other central banks and banks in Pakistan and abroad, stood at $5.06bn as against $5.76bn held a month earlier, depicting a fall of $696.47m or 12.1%

The gold reserves, which include gold deposits and swapped gold stood at $5.05bn, up $198.43m or 4.1% from the previous month's $4.85bn.

Meanwhile, the country's other reserve assets were recorded at $4.85bn, up $825.1m or 20.5% from $4.02bn a month earlier.

The data further details that SDRs amounted to $452.92m, down $281.64m or 38.3% from $734.56m the previous month.

To note, the SDR is an international reserve asset. It is not a currency, but its value is based on a basket of five currencies, the US dollar, the euro, the Chinese renminbi, the Japanese yen, and the British pound sterling.

Additionally, the reserve position in funds, which represents Pakistan’s quota in the IMF, was $0.16m, reflecting no change from the previous month.

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