SBP reserves rise $24m to $9.53bn

MG News | September 26, 2024 at 07:03 PM GMT+05:00

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September 26, 2024 (MLN): The foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $24 million or 0.25% WoW to $9.53 billion during the week ended on September 20, 2024, data released by State Bank of Pakistan showed on Thursday.

Similarly, the country's total reserves increased by $46.6m or 0.31% WoW to $14.87bn.

The reserves held by commercial banks rose by $22.6m or 0.43% WoW to $5.34bn.

The Executive Board of the International Monetary Fund (IMF) on Wednesday concluded the 2024 Article IV consultation and approved a 37-month Extended Arrangement under the Extended Fund Facility (EFF) for Pakistan in the amount of SDR 5,320 million (262% of quota, or around US$7 billion).

The Board’s decision allows for an immediate disbursement of SDR 760m (or about US$1bn), said a press release issued by the Fund.

In the current fiscal year, SBP-held reserves have increased by $144.1m or 1.53%.

Meanwhile, the current calendar year has seen an increase of $1.31bn or 15.96%.

**Summary of Holding and Weekly Change**
Foreign reserves held by	September 20, 2024	September 13, 2024	Change	% Change
State Bank of Pakistan	9,533.6	9,509.6	24.0	0.25%
Net Foreign Reserves Held by Banks	5,339.5	5,316.9	22.6	0.43%
Total Liquid Foreign Reserves	14,873.1	14,826.5	46.6	0.31%

Amount in USD Million

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