SBP reserves fell by $58.6m in a week

September 28, 2023 (MLN): The foreign exchange reserves held by the State Bank of Pakistan (SBP) fell by $58.6 million or 0.76% WoW to $7.64 billion during the week ended on September 22, 2023, according to the data released by the central bank on Thursday.

Similarly, the country's total reserves declined by $24.8m or 0.19% WoW to $13.16bn.

The reserves held by commercial banks rose by $33.8m or 0.62% WoW to $5.53bn.

To note, since the Staff Level Agreement (SLA) was signed with the International Monetary Fund (IMF), the total liquid foreign reserves held by the country got a substantial boost, with a $1.2bn immediate disbursement received from the International Monetary Fund (IMF), a $2bn deposit from Saudi Arabia and an additional $1bn deposit from United Arab Emirates (UAE).

Consequently, in the current fiscal year, total liquid foreign reserves have increased by $3.98bn or 43.35%.

However, ever since the boost from the IMF and the Arab countries, fresh inflows seem to have dried up, with the total reserves slowly depleting almost every week.

Meanwhile, the current calendar year has seen an increase of $2.32bn or 21.36%.

Amount in USD Million

Copyright Mettis Link News