SBP reserves rise $43m to $9.51bn

MG News | September 19, 2024 at 06:41 PM GMT+05:00

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September 19, 2024 (MLN): The foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $43 million or 0.45% WoW to $9.51 billion during the week ended on September 13, 2024, data released by State Bank of Pakistan showed on Thursday.

Similarly, the country's total reserves increased by $30.4m or 0.21% WoW to $14.83bn.

The reserves held by commercial banks fell by $12.6m or 0.24% WoW to $5.32bn.

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 $120.1m or 1.28%.

Meanwhile, the current calendar year has seen an increase of $1.29bn or 15.67%.

**Summary of Holding and Weekly Change**
Foreign reserves held by	September 13, 2024	September 06, 2024	Change	% Change
State Bank of Pakistan	9,509.6	9,466.6	43.0	0.45%
Net Foreign Reserves Held by Banks	5,316.9	5,329.5	-12.6	-0.24%
Total Liquid Foreign Reserves	14,826.5	14,796.1	30.4	0.21%

Amount in USD Million

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