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

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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