June 22, 2023 (MLN): The official reserve assets, including foreign currency reserves, IMF reserve position, Special Drawing Rights (SDRs), gold, and other reserve assets, stood at $8.86 billion as of May 31, 2023, according to the latest data revealed by State Bank of Pakistan (SBP).
The foreign currency reserves comprised of securities, currency, and deposits held with other national central banks, and banks headquartered in and outside Pakistan clocked in at $2.46bn.
The gold reserves, which include gold deposits and swapped gold, amounted to 2.07m fine troy ounces, equivalent to $4.08bn.
Pakistan's other foreign currency assets, which were not included in official reserve assets, amounted to $86.13 million and included securities, deposits, loans, financial derivatives, gold, and others.
Meanwhile, the country's predetermined short-term net drains on foreign currency assets amounted to a nominal value of $20.69bn.
The data showed that foreign currency loans, securities, and deposits accounted for the majority of the outflows, with a total value of $20.69bn, of which $3.08bn had a residual maturity of up to one month, $2.77bn had a residual maturity of more than one and up to three months, and $14.84bn had a residual maturity of more than three months and 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 $4.47bn. This amount only included short positions amounting to $4.47bn, with no long positions.
In addition, there are $48.56m in collateral guarantees on debt due within a year while no other contingent liabilities in foreign currency fall due within one month or more than three months and up to one year.
