Official reserve assets surge to $17.35bn

October 07, 2024 (MLN): Pakistan's official reserve assets surged $1.54 billion or 9.8% to $17.35bn as of September compared to $15.81bn recorded in the previous month.

To note, official reserve assets include foreign currency reserves, reserve position in funds, Special Drawing Rights (SDRs), gold, and other reserve assets.

Gold reserves, which include gold deposits and swapped gold jumped to $5.47bn, up $242.62 million or 4.6% compared to last month.

The foreign currency reserves, which consist of securities, currency, and deposits held with other central banks and banks in Pakistan and abroad, stood at $5.12bn as against $4.99bn held a month earlier, depicting a rise of $135.9m or 2.7%

Meanwhile, the country's other reserve assets were recorded at $6.12bn, up $827.6m or 15.6% from $5.3bn a month earlier.

The data further details that SDRs amounted to $629.59m, up $337.06m or 115.2% from $292.54m the previous month.

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, largely unchanged from the previous month.

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