SBP reserves rise $30m to $9.47bn

September 12, 2024 (MLN): The foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $29.8 million or 0.32% WoW to $9.47 billion during the week ended on September 06, 2024, data released by State Bank of Pakistan showed.

Similarly, the country's total reserves increased by $56.2m or 0.38% WoW to $14.8bn.

The reserves held by commercial banks rose by $26.4m or 0.50% WoW to $5.33bn.

In a recent development, SBP lowered its key policy rate again by 200 basis points to 17.5%, compared to a median estimate for a 150bps cut.

The reduction was the third in a row, bringing the total decrease since June 2024 to 450bps as a slowdown in inflation give policymakers enough room to continue monetary easing in a bid to spur growth.

In the analyst briefing after announcing the policy rate, Jameel Ahmad, governor of the central bank said Pakistan expects the International Monetary Fund’s executive board to review its new $7 billion loan program this month.

He said that the nation has arranged more than $2bn in financing and assurances from lenders other than the IMF.

In the current fiscal year, SBP-held reserves have increased by $77.1m or 0.82%.

Meanwhile, the current calendar year has seen an increase of $1.25bn or 15.15%.

Amount in USD Million

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