Official reserve assets surge to $15.05bn as of April

May 07, 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 $15.05 billion as of April 2024 compared to $13.77bn recorded in the previous month.

This translates to a rise of $1.29bn or 9.4% MoM.

According to the monthly data published by State Bank of Pakistan (SBP) on Tuesday, the foreign currency reserves, which consist of securities, currency, and deposits held with other central banks and banks in Pakistan and abroad, stood at $4.78bn as against $4.79bn held a month earlier, depicting a fall of $9.64m or 0.2%

The gold reserves, which include gold deposits and swapped gold stood at $4.8bn, up $192.66m or 4.2% from the previous month's $4.6bn.

Meanwhile, the country's other reserve assets were recorded at $4.35bn, up $185.6m or 4.5% from $4.16bn a month earlier.

The data further details that SDRs amounted to $1.12bn, up $919.42m or 447.9% from $205.26m 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.

Copyright Mettis Link News