SBP reserves fall $6m to $9.1bn
MG News | June 13, 2024 at 07:22 PM GMT+05:00
June 13, 2024 (MLN): The foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by $6.2 million or 0.07% WoW to $9.1 billion during the week ended on June 07, 2024, data released by SBP showed on Thursday.
The central bank did not specify a reason for the decrease.
On the other hand, the country's total reserves increased by $168.2m or 1.18% WoW to $14.38bn.
The reserves held by commercial banks rose by $174.4m or 3.42% WoW to $5.28bn.
Yesterday, the government presented budget 2024-25, hiking taxes to boost revenue and increase the chances of securing a new loan from the International Monetary Fund.
To note, Pakistan is in talks with the IMF for a larger and longer loan, estimated to be about $6-$8bn.
In the current fiscal year, SBP-held reserves have increased by $4.64bn or 103.81%.
This significant boost comes after the country secured the 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 $882.1m or 10.73%.
| Foreign reserves held by | June 07, 2024 | May 31, 2024 | Change | % Change |
|---|---|---|---|---|
| State Bank of Pakistan | 9,103.3 | 9,109.5 | -6.2 | -0.07% |
| Net Foreign Reserves Held by Banks | 5,280.5 | 5,106.1 | 174.4 | 3.42% |
| Total Liquid Foreign Reserves | 14,383.8 | 14,215.6 | 168.2 | 1.18% |
Amount in USD Million
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