SBP reserves marginally rise by $4m in a week

MG News | March 28, 2024 at 03:58 PM GMT+05:00

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March 28, 2024 (MLN): The foreign exchange reserves held by the State Bank of Pakistan (SBP) rose by $4 million or 0.05% WoW to $8.02 billion during the week ended on March 22, 2024, according to the data released by the central bank on Thursday.

Similarly, the country's total reserves rose by $36.9m or 0.28% WoW to $13.43bn.

The reserves held by commercial banks rose by $32.9m or 0.61% WoW to $5.41bn.

In a recent development, the International Monetary Fund (IMF) staff and the Pakistani authorities have reached a staff-level agreement on the second and final review under Pakistan’s Stand-By Arrangement, subject to the approval of the IMF’s Executive Board.

Upon approval, Pakistan will have access to SDR 828 million which is around $1.1bn.

To note, in the current fiscal year, total liquid foreign reserves have increased by $4.27bn or 46.59%.

Meanwhile, the current calendar year has seen an increase of $0.75bn or 5.95%.

**Summary of Holding and Weekly Change**
Foreign reserves held by	March 22, 2024	March 15, 2024	Change	% Change
State Bank of Pakistan	8021.9	8017.9	04.0	0.05%
Net Foreign Reserves Held by Banks	5405.7	5372.8	32.9	0.61%
Total Liquid Foreign Reserves	13427.6	13390.7	36.9	0.28%

Amount in USD Million

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