SBP reserves decreased by $54m in a week

MG News | February 01, 2024 at 08:11 PM GMT+05:00

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February 01, 2024 (MLN): The foreign exchange reserves held by the State Bank of Pakistan (SBP) dropped by $54 million or 0.65% WoW to $8.22 billion during the week ended on January 26, 2024, according to the data released by the central bank on Thursday.

This decline comes after SBP reserves witnessed a boost last week due to the second installment of SDR 528m, equivalent to $705.6m received from the International Monetary Fund (IMF).

However, the central bank incurred debt repayments, leading to a decrease in reserves this week.

The reserves held by commercial banks also fell by $24.9m or 0.49% WoW to $5.046bn.

Accordingly, the country's total reserves during the week dropped by $78.9m or 0.59% to $13.263bn.

To note, in the current fiscal year, total liquid foreign reserves have increased by $4.1bn or 44.79%.

Meanwhile, the current calendar year has seen an increase of $588.9m or 4.65%.

**Summary of Holding and Weekly Change**
Foreign reserves held by	January 26, 2024	January 19, 2024	Change	% Change
State Bank of Pakistan	8216.5	8270.5	-54	-0.65%
Net Foreign Reserves Held by Banks	5046.0	5070.9	-24.9	-0.49%
Total Liquid Foreign Reserves	13262.5	13341.4	-78.9	-0.59%

Amount in USD Million

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