May 30, 2024 (MLN): The foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by $63.3 million or 0.69% WoW to $9.09 billion during the week ended on May 24, 2024, data released by SBP showed on Thursday.
The central bank cited debt repayments as the reason for this decline.
"During the week ended on May 24, 2024, SBP reserves decreased by $63m to $9.09bn due to external debt repayments," said a statement issued by the SBP.
Similarly, the country's total reserves decreased by $270m or 1.85% WoW to $14.32bn.
The reserves held by commercial banks fell by $206.7m or 3.81% WoW to $5.22bn.
In the current fiscal year, SBP-held reserves have increased by $4.63bn or 103.6%.
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 $872.5m or 10.61%.
