SBP reserves fall $396.5m to $9.03bn
MG News | July 25, 2024 at 07:47 PM GMT+05:00
July 25, 2024 (MLN): The foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by $396.5 million or 4.21% WoW to $9.03 billion during the week ended on July 19, 2024, data released by State Bank of Pakistan showed on Thursday.
The central bank cited debt repayments as the reason for this decline.
"During the week ended, SBP reserves decreased by $397m to $9.03bn due to external debt repayments," said a statement issued by the SBP.
Similarly, the country's total reserves decreased by $368.1m or 2.50% WoW to $14.34bn.
On the other hand, the reserves held by commercial banks rose by $28.4m or 0.54% WoW to $5.31bn.
In the current fiscal year, SBP-held reserves have decreased by $362.3m or 3.86%.
In a recent development, Pakistan has secured a $7 billion loan deal from the International Monetary Fund (IMF), subject to approval by the IMF’s Executive Board.
Meanwhile, the current calendar year has seen an increase of $806m or 9.8%.
Summary of Holding and Weekly Change
| Foreign reserves held by | July 19, 2024 | July 12, 2024 | Change | % Change |
|---|---|---|---|---|
| State Bank of Pakistan | 9,027.2 | 9,423.7 | -396.5 | -4.21% |
| Net Foreign Reserves Held by Banks | 5,308.2 | 5,279.8 | 28.4 | 0.54% |
| Total Liquid Foreign Reserves | 14,335.4 | 14,703.5 | -368.1 | -2.50% |
Amount in USD Million
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