SBP reserves rose by $4.2bn or 93% in a week

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MG News | July 20, 2023 at 09:12 PM GMT+05:00

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July 20, 2023 (MLN): The foreign exchange reserves held by the State Bank of Pakistan (SBP) rose by $4.203 billion or 92.9% WoW to $8.73 billion during the week ended on July 14, 2023, according to the data released by the central bank on Thursday.

Similarly, the country's total reserves rose by $4.23bn or 42.96% WoW to $14.07bn.

The reserves held by commercial banks rose by $23.6m or 0.44% WoW to $5.34bn.

This boost in reserves was attributed to substantial deposits received during the week, which included a $1.2bn immediate disbursement received from the International Monetary Fund (IMF), $2bn deposit from Saudi Arabia and an additional $1bn deposit from United Arab Emirates (UAE).

To note, this was the highest reserves held by the country since July 29, 2022.

Summary of Holding and Weekly Change

Foreign reserves held by July 14, 2023 July 07, 2023 Change % Change
State Bank of Pakistan 8727.2 4524 4203.2 92.91%
Net Foreign Reserves Held by Banks 5338.1 5314.5 23.6 0.44%
Total Liquid Foreign Reserves 14065.3 9838.5 4226.8 42.96%

Amount in USD Million

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