SBP reserves rise $19m to $9.29bn

MG News | August 22, 2024 at 07:02 PM GMT+05:00

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August 22, 2024 (MLN): The foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $19.2 million or 0.21% WoW to $9.29 billion during the week ended on August 16, 2024, data released by State Bank of Pakistan showed on Thursday.

Similarly, the country's total reserves increased by $22.2m or 0.15% WoW to $14.67bn.

The reserves held by commercial banks rose by $3m or 0.06% WoW to $5.38bn.

Pakistan secured a $7 billion loan deal from the International Monetary Fund (IMF) in early July 2024, subject to approval by the IMF’s Executive Board.

Finance Minister Muhammad Aurangzeb yesterday said that the country is making good progress with the IMF and hopes to get board approval in September.

In the current fiscal year, SBP-held reserves have decreased by $97.7m or -1.04%.

Meanwhile, the current calendar year has seen an increase of $1.07bn or 13.02%.

**Summary of Holding and Weekly Change**
Foreign reserves held by	August 16, 2024	August 09, 2024	Change	% Change
State Bank of Pakistan	9,291.8	9,272.6	19.2	0.21%
Net Foreign Reserves Held by Banks	5,375.6	5,372.6	3.0	0.06%
Total Liquid Foreign Reserves	14,667.4	14,645.2	22.2	0.15%

Amount in USD Million

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