Pakistan gold reserves rise to $5.69bn as of Oct

December 03 2024 (MLN): Pakistan's gold reserves, which include gold deposits and swapped gold stood at $5.69 billion as of October 2024, up $218.13 million or 4.0% compared to last month.

According to the monthly data published by the State Bank of Pakistan (SBP), the official reserve assets, including foreign currency reserves, reserve position in funds, Special Drawing Rights (SDRs), gold, and other reserve assets, rose to $18.03bn as of October compared to $17.35bn recorded in the previous month.

This translates to a rise of $676.4m or 3.9% 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 $5.86bn as against $5.12bn held a month earlier, depicting a rise of $740.37m or 14.5%

Meanwhile, the country's other reserve assets were recorded at $6.02bn, down $101.6m or 1.7% from $6.12bn a month earlier.

The data further details that SDRs amounted to $449.1m, down $180.49m or 28.7% from $629.59m the previous month.

To note, the SDR is an international reserve asset. It is not a currency but 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, representing Pakistan’s quota in the IMF, was $0.16m, reflecting a decrease from the previous month.

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