Official reserve assets stand at $9.69bn as of April 30: SBP

May 30, 2023 (MLN): The official reserve assets, including foreign currency reserves, IMF reserve position, Special Drawing Rights (SDRs), gold, and other reserve assets, stood at $9.63 billion as of April 30, 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 $2.63bn.

The gold reserves, which include gold deposits and swapped gold, amounted to 2.07mn fine troy ounces, equivalent to $4.12bn.

Pakistan's other foreign currency assets, which were not included in official reserve assets, amounted to $101.05 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 $20.67bn.

The data showed that foreign currency loans, securities, and deposits accounted for the majority of the outflows, with a total value of $20.67bn, of which $1.688bn had a residual maturity of up to one month, $4.4bn had a residual maturity of more than one and up to three months, and $14.58bn 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 $4.8bn. Of this amount, short positions accounted for the majority of the outflows, amounting to $4.86bn, while long positions amounted to $55mn.

In addition, there are $48.56mn 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.

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