SBP reserves increase by $18.5m in a week
MG News | April 04, 2024 at 04:58 PM GMT+05:00
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%.
| 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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