SBP reserves rise $51m to $9.15bn

August 08, 2024 (MLN): The foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $51.1 million or 0.56% WoW to $9.15 billion during the week ended on August 02, 2024, data released by State Bank of Pakistan showed.

Similarly, the country's total reserves increased by $80.2m or 0.56% WoW to $14.47bn.

The reserves held by commercial banks rose by $29.1m or 0.55% WoW to $5.32bn.

In the current fiscal year, SBP-held reserves have decreased by $236.2m or 2.52%.

In a recent development, Pakistan has secured a $7 billion loan deal from the International Monetary Fund (IMF), subject to approval by the IMF’s Executive Board.

Meanwhile, the current calendar year has seen an increase of $932.1m or 11.34%.

Amount in USD Million

Yesterday, the SBP governor Jameel Ahmad assured that more than $16bn of outstanding debt for the fiscal year 2025 would be rolled over by friendly countries, providing a much-needed breathing space to the government.

He noted that the total outstanding debt payment for FY25 stood at $26.2bn, which after the rollovers, leaves a balance of $10bn to be paid by June next year.

Jameel Ahmad added that the central bank had already paid $1.5bn in debt last month, leaving a remaining debt obligation of $8.5bn for the remainder of the fiscal year.

Moreover, Secretary of Finance Imdad Ullah Bosal informed the committee that Pakistan would receive its first IMF tranche following the rollover of around $4bn in Chinese commercial loans.

The SBP governor said there is no pressure on external payments, so the rupee is expected to remain stable.

Jameel Ahmad added that foreign exchange reserves could reach $13bn by the end of the fiscal year.

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