SBP reserves hit $8.27bn after IMF installment

MG News | January 25, 2024 at 08:14 PM GMT+05:00

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January 25, 2024 (MLN): The foreign exchange reserves held by the State Bank of Pakistan (SBP) rose by $243.1 million or 3.03% WoW to $8.27 billion during the week ended on January 19, 2024, according to the data released by the central bank on Thursday.

This boost in reserves was attributed to the second installment of SDR 528m, equivalent to $705.6m received from the International Monetary Fund (IMF).

However, after executing government external debt repayments, the net increase during the week amounted to $243.1m, the central bank said.

The SBP's reserves now stand at the highest level since July 14, 2023.

Moreover, the country's total reserves during the week rose by $196.3m or 1.49% to $13.34bn.

On the other hand, the reserves held by commercial banks fell by $46.8m or 0.91% WoW to $5.07bn.

To note, in the current fiscal year, total liquid foreign reserves have increased by $4.18bn or 45.65%.

Meanwhile, the current calendar year has seen an increase of $0.12bn or 0.91%.

**Summary of Holding and Weekly Change**
Foreign reserves held by	January 19, 2024	January 12, 2024	Change	% Change
State Bank of Pakistan	8270.5	8027.4	243.10	3.03%
Net Foreign Reserves Held by Banks	5070.9	5117.7	-46.8	-0.91%
Total Liquid Foreign Reserves	13341.4	13145.1	196.3	1.49%

Amount in USD Million

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