Official reserve assets stand at $12.72bn as of October: SBP

November 28, 2023 (MLN): The official reserve assets, including foreign currency reserves, IMF reserve position, Special Drawing Rights (SDRs), gold, and other reserve assets, stood at $12.72 billion as of October 31, 2023, according to the latest data revealed by State Bank of Pakistan (SBP) on Tuesday.

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 $4.73bn.

The gold reserves, which include gold deposits and swapped gold, amounted to 2.079 million fine troy ounces, equivalent to $4.15bn, up from $3.89n 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 $87.79m.

Meanwhile, the country's predetermined short-term net drains on foreign currency assets amounted to a nominal value of $12.35bn.

The majority of the outflows, valued at $9.69bn, consisted of foreign currency loans, securities, and deposits.

Among these, $498.06m had a maturity of up to one month, $669.81 had a maturity of more than one month but up to three months and $8.522bn 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 $2.99bn.

This amount included short positions worth $3.94bn while long positions amounted to $950m.

In addition, there are $37.55m in collateral guarantees on debt due within a year, and $1.09bn contingent liabilities in foreign currency fall due up to one month.

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