SBP reserves rise $31.4m to $9.13bn

MG News | June 20, 2024 at 09:48 PM GMT+05:00
June 20, 2024 (MLN): The foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $31.4 million or 0.34% WoW to $9.13 billion during the week ended on June 14, 2024, data released by SBP showed on Thursday.
The central bank did not specify a reason for the increase.
Similarly, the country's total reserves increased by $30.8m or 0.21% WoW to $14.41bn.
The reserves held by commercial banks fell slightly by $0.6m or 0.01% WoW to $5.28bn.
In the current fiscal year, SBP-held reserves have increased by $4.67bn or 104.52%.
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 $913.5m or 11.11%.
Following the completion of the IMF program, the country is now in talks with the lender for a larger and longer loan, estimated to be about $6-$8bn.
Foreign reserves held by | June 14, 2024 | June 07, 2024 | Change | % Change |
---|---|---|---|---|
State Bank of Pakistan | 9,134.7 | 9,103.3 | 31.4 | 0.34% |
Net Foreign Reserves Held by Banks | 5,279.9 | 5,280.5 | -0.6 | -0.01% |
Total Liquid Foreign Reserves | 14,414.6 | 14,383.8 | 30.8 | 0.21% |
Amount in USD Million
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