SBP reserves rise $24m to $9.53bn

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By 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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