Pakistan gold reserves rise $183m to $5.2bn

September 06, 2024 (MLN): Pakistan's gold reserves, which include gold deposits and swapped gold rose to $5.23 billion as of August 2024, up $183.08 million or 3.6%  compared to last month.

The increase was due to an appreciation in gold prices. The yellow metal is up 22% so far this year as investors brace for the start of monetary easing by the Federal Reserve this month.

According to the monthly data published by State Bank of Pakistan (SBP), the country's official reserve assets, including foreign currency reserves, reserve position in funds, Special Drawing Rights (SDRs), gold, and other reserve assets, rose to $15.81bn as of August compared to $15.41bn recorded in the previous month.

This translates to a rise of $398.32m or 2.6% MoM.

The foreign currency reserves, which consist of securities, currency, and deposits held with other central banks and banks in Pakistan and abroad, stood at $4.99bn as against $5.06bn held a month earlier, depicting a fall of $75.19m or 1.5%

Meanwhile, the country's other reserve assets were recorded at $5.3bn, up $450.8m or 9.3% from $4.85bn a month earlier.

The data further details that SDRs amounted to $292.54m, down $160.38m or 35.4% from $452.92m 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.

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