SBP reserves expected to rise to $9-10bn by FY24-end: Aurangzeb

April 23, 2024 (MLN): Federal Minister for Finance and Revenue Muhammad Aurangzeb said that he expected the foreign exchange reserves held by the State Bank of Pakistan (SBP) to rise to around the $9-10 billion level by the end of fiscal year 2024.

To note, SBP-held reserves currently stand at around $8bn.

He stated this while addressing the inaugural session of the 7th Leaders In Islamabad Business Summit on the theme "Collaborating for Growth".

“Once the final tranche comes from the IMF by the end of this week, our foreign exchange reserves will be over $9bn, and by the time of end June, our reserves will be anywhere between $9-10bn, which is going to be equivalent to two months of import cover,” he said.

Aurangzeb further stated that the IMF mission will arrive in Pakistan in mid-May, and he anticipates reaching a staff-level agreement on the bigger-and-larger program with the International Monetary Fund (IMF) by June or July.

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