Mettis Global News
Mettis Global News
Mettis Global News
Mettis Global News
Mettis Global News AD
Mettis Global News AD

Trending :

SBP reserves declined by $236.8m in a week

Exporters get more freedom to use foreign currency accounts
Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

December 07, 2023 (MLN): The foreign exchange reserves held by the State Bank of Pakistan (SBP) declined by $236.8 million or 3.26% WoW to $7.02 billion during the week ended on December 01, 2023, according to the data released by the central bank on Thursday.

Similarly, the country's total reserves declined by $285.7m or 2.31% WoW to $12.11bn.

The reserves held by commercial banks diminished by $48.9m or 0.95% WoW to $5.09bn.

To note, towards the end of FY23, the IMF being a last resort saved Pakistan from a sovereign debt default with a $3bn Stand-by Arrangement (SBA).

The initial disbursement of $1.2bn from the IMF, alongside $3bn bilateral inflows from the Arab countries gave a substantial boost to the depleting foreign reserves held by the country.

Consequently, in the current fiscal year, total liquid foreign reserves have increased by $2.95bn or 32.17%.

Meanwhile, the current calendar year has seen an increase of $1.26bn or 11.64%.

In a recent development, Pakistan has secured initial approval from the International Monetary Fund (IMF) for the release of the next loan tranche under the current $3bn loan program.

Pending approval by the IMF's Executive Board, the agreement will grant Pakistan access to SDR 528m, which is around $700m.

Summary of Holding and Weekly Change

Foreign reserves held by December 01, 2023 November 24, 2023 Change % Change
State Bank of Pakistan 7020.2 7257 -236.80 -3.26%
Net Foreign Reserves Held by Banks 5086.9 5135.8 -48.9 -0.95%
Total Liquid Foreign Reserves 12107.1 12392.8 -285.7 -2.31%

Amount in USD Million

Copyright Mettis Link News

Posted on: 2023-12-07T19:21:51+05:00