SBP reserves rise $105m in a week

MG News | March 21, 2024 at 05:12 PM GMT+05:00

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March 21, 2024 (MLN): The foreign exchange reserves held by the State Bank of Pakistan (SBP) rose by $105 million or 1.33% WoW to $8.02 billion during the week ended on March 15, 2024, according to the data released by the central bank on Thursday.

Similarly, the country's total reserves rose by $239.4m or 1.82% WoW to $13.39bn.

The reserves held by commercial banks rose by $134.4m or 2.57% WoW to $5.37bn.

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 $1.1 billion.

To note, in the current fiscal year, total liquid foreign reserves have increased by $4.23bn or 46.19%.

Meanwhile, the current calendar year has seen an increase of $0.72bn or 5.66%.

**Summary of Holding and Weekly Change**
Foreign reserves held by	March 15, 2024	March 08, 2024	Change	% Change
State Bank of Pakistan	8017.9	7912.9	105.00	1.33%
Net Foreign Reserves Held by Banks	5372.8	5238.4	134.4	2.57%
Total Liquid Foreign Reserves	13390.7	13151.3	239.4	1.82%

Amount in USD Million

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