SBP reserves rise $494m to $9.39bn

MG News | July 04, 2024 at 06:33 PM GMT+05:00

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July 04, 2024 (MLN): The foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $493.7 million or 5.55% WoW to $9.39 billion during the week ended on June 28, 2024, data released by State Bank of Pakistan showed on Thursday.

The central bank cited official inflows from multilateral agencies as the reason for this increase.

"During the week ended on June 28, 2024, SBP reserves increased by $494m due to official inflows from multilateral agencies," it said in a statement.

Similarly, the country's total reserves increased by $365.7m or 2.57% WoW to $14.57bn.

Meanwhile, the reserves held by commercial banks fell by $128m or 2.41% WoW to $5.18bn.

In the fiscal year 2023-24, SBP-held reserves increased by $4.92bn or 110%.

This significant boost came 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.

Summary of Holding and Weekly Change

Foreign reserves held by	June 28, 2024	June 21, 2024	Change	% Change
State Bank of Pakistan	9,389.5	8,895.8	493.7	5.55%
Net Foreign Reserves Held by Banks	5,183.5	5,311.5	-128.0	-2.41%
Total Liquid Foreign Reserves	14,573.0	14,207.3	365.7	2.57%

Amount in USD Million

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