SBP reserves increase by $18.5m in a week

MG News | April 04, 2024 at 04:58 PM GMT+05:00

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April 04, 2024 (MLN): The foreign exchange reserves held by the State Bank of Pakistan (SBP) rose by $18.5 million or 0.23% WoW to $8.04 billion during the week ended on March 29, 2024, according to the data released by the central bank on Thursday.

Conversely, the country's total reserves dropped by $48.7m or 0.36% WoW to $13.38bn.

This is because the reserves held by commercial banks decreased by $67.2m or 1.24% WoW to $5.34bn.

Prime Minister Shehbaz Sharif has made a crucial announcement that the country is set to receive the final loan tranche worth around $1.1bn from the International Monetary Fund this month.

He further stated that the Finance Minister, Muhammad Aurangzeb will also hold meetings with the IMF officials to discuss the terms of a new program, which is expected to carry tough conditions.

To note, in the current fiscal year, total liquid foreign reserves have increased by $4.22bn or 46.06%.

Meanwhile, the current calendar year has seen an increase of $0.71bn or 5.57%.

**Summary of Holding and Weekly Change**
Foreign reserves held by	March 29, 2024	March 22, 2024	Change	% Change
State Bank of Pakistan	8040.4	8021.9	18.5	0.23%
Net Foreign Reserves Held by Banks	5338.5	5405.7	-67.2	-1.24%
Total Liquid Foreign Reserves	13378.9	13427.6	-48.7	-0.36%

Amount in USD Million

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