Official reserve assets stand at $12.33bn as of November: SBP

January 10, 2024 (MLN): The official reserve assets, including foreign currency reserves, IMF reserve position, Special Drawing Rights (SDRs), gold, and other reserve assets, stood at $12.33 billion as of November 30, 2023, according to the latest data revealed by State Bank of Pakistan (SBP) on Wednesday.

The foreign currency reserves comprised securities, currency, and deposits held with other national central banks, and banks headquartered in and outside Pakistan clocked in at $4.9bn.

The gold reserves, which include gold deposits and swapped gold, amounted to 2.079 million fine troy ounces, equivalent to $4.23bn, up from $4.15bn from the previous month due to a rise in international spot gold price in the review month.

Pakistan's other foreign currency assets amounted to $82.3m.

Meanwhile, the country's predetermined short-term net drains on foreign currency assets amounted to a nominal value of $27.47bn.

The majority of the outflows, valued at $23.827bn, consisted of foreign currency loans, securities, and deposits.

Among these, $3.91m had a maturity of up to one month, $2.75bn had a maturity of more than one month but up to three months and $17.17bn 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 $3.247bn.

This amount included short positions worth $3.779bn while long positions amounted to $532m.

In addition, there are $34.39m in collateral guarantees on debt due within a year, and $1.087bn contingent liabilities in foreign currency fall due up to one month.

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