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SBP reserves increase by $18.5m in a week

SBP targets to raise Rs3.84tr: Auction Calendar June-August
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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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Posted on: 2024-04-04T16:58:28+05:00