SBP reserves rise by $24.8m in a week

MG News | May 02, 2024 at 06:54 PM GMT+05:00

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May 02, 2024 (MLN): The foreign exchange reserves held by the State Bank of Pakistan (SBP) rose by $24.8 million or 0.31% WoW to $8.01 billion during the week ended on April 26, 2024, according to the data released by the central bank on Thursday.

Similarly, the country's total reserves rose by $35.5m or 0.27% WoW to $13.32bn.

The reserves held by commercial banks rose by $10.7m or 0.2% WoW to $5.31bn.

In a recent development, SBP has received the final installment of SDR 528 million, equivalent to around $1.1bn from the International Monetary Fund (IMF).

This disbursement will be reflected in SBP reserves for the week ending on May 03, 2024.

To note, Pakistan’s 9-month SBA, approved by the Executive Board on July 12, 2023, successfully provided a policy anchor to address domestic and external imbalances and a framework for financial support from multilateral and bilateral partners.

Accordingly, in the current fiscal year, total liquid foreign reserves have increased by $4.16bn or 45.37%.

Meanwhile, the current calendar year has seen an increase of $0.64bn or 5.07%.

**Summary of Holding and Weekly Change**
Foreign reserves held by	April 26, 2024	April 19, 2024	Change	% Change
State Bank of Pakistan	8006	7981.2	24.8	0.31%
Net Foreign Reserves Held by Banks	5310	5299.3	10.7	0.20%
Total Liquid Foreign Reserves	13316	13280.5	35.5	0.27%

Amount in USD Million

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