SBP reserves fall $239m to $8.9bn

June 27, 2024 (MLN): The foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by $238.9 million or 2.62% WoW to $8.9 billion during the week ended on June 21, 2024, data released by State Bank of Pakistan showed on Thursday.

The central bank cited external debt repayments as the reason for this decline.

"During the week ended, SBP reserves decreased by $239m due to external debt repayments," said a statement issued by the SBP.

Similarly, the country's total reserves decreased by $207.3m or 1.44% WoW to $14.21bn.

The reserves held by commercial banks rose by $31.6m or 0.60% WoW to $5.31bn.

In the current fiscal year, SBP-held reserves have increased by $4.43bn or 99.17%.

This significant boost comes after the country secured the International Monetary Fund’s (IMF) Stand-By Arrangement (SBA) of about $3bn by end-June last year, which also helped unlock multilateral and bilateral funding.

Meanwhile, the current calendar year has seen an increase of $674.6m or 8.21%.

Amount in USD Million

Copyright Mettis Link News