SBP reserves rise $33m to $9.44bn

MG News | September 05, 2024 at 08:04 PM GMT+05:00

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September 05, 2024 (MLN): The foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $33.4 million or 0.36% WoW to $9.44 billion during the week ended on August 30, 2024, data released by State Bank of Pakistan showed on Thursday.

The central bank did not specify a reason for the increase.

"During the week ended on August 30, 2024, SBP reserves increased by $33m to $9.436bn," it said in a statement.

On the other hand, the country's total reserves decreased by $36.4m or 0.25% WoW to $14.74bn as the reserves held by commercial banks fell by $69.8m or 1.30% WoW to $5.3bn.

In the current fiscal year, SBP-held reserves have increased by $47.3m or 0.5%.

In a recent development, Prime Minister Shehbaz Sharif has said that his government was working on implementing conditions from the IMF to complete its loan programme, which he hoped would be the country's last.

Pakistan signed an IMF staff-level agreement on July 12 for a new $7 billion programme due to last 37 months, but the country is still waiting for the Fund's executive board to approve it, pending confirmation of financing assurances from development and bilateral partners.

Meanwhile, the current calendar year has seen an increase of $1.22bn or 14.79%.

**Summary of Holding and Weekly Change**
Foreign reserves held by	August 30, 2024	August 23, 2024	Change	% Change
State Bank of Pakistan	9,436.8	9,403.4	33.4	0.36%
Net Foreign Reserves Held by Banks	5,303.1	5,372.9	-69.8	-1.30%
Total Liquid Foreign Reserves	14,739.9	14,776.3	-36.4	-0.25%

Amount in USD Million

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