SBP reserves rise $15.8m to $9.11bn

MG News | June 06, 2024 at 05:54 PM GMT+05:00

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June 06, 2024 (MLN): The foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $15.8 million or 0.17% WoW to $9.11 billion during the week ended on May 31, 2024, data released by SBP showed on Thursday.

The central bank did not specify a reason for the increase.

On the other hand, the country's total reserves decreased by $99.8m or 0.70% WoW to $14.22bn.

The reserves held by commercial banks fell by $115.6m or 2.21% WoW to $5.11bn.

In the current fiscal year, SBP-held reserves have increased by $4.64bn or 103.95%.

This significant boost comes after the country secured the International Monetary Fund’s (IMF) Stand-By Arrangement (SBA) of about $3bn by end-June last year, which also helped unlock multilateral and bilateral funding.

Meanwhile, the current calendar year has seen an increase of $888.3m or 10.8%.

**Summary of Holding and Weekly Change**
Foreign reserves held by	May 31, 2024	May 24, 2024	Change	% Change
State Bank of Pakistan	9,109.5	9,093.7	15.8	0.17%
Net Foreign Reserves Held by Banks	5,106.1	5,221.7	-115.6	-2.21%
Total Liquid Foreign Reserves	14,215.6	14,315.4	-99.8	-0.70%

Amount in USD Million

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