SBP reserves rose by $4.2bn or 93% in a week
MG News | July 20, 2023 at 09:12 PM GMT+05:00
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.
| 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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