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SBP reserves rose by $56.4m in a week

SBP reserves diminish by $217m in a week
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September 21, 2023 (MLN): The foreign exchange reserves held by the State Bank of Pakistan (SBP) rose by $56.4 million or 0.74% WoW to $7.7 billion during the week ended on September 15, 2023, according to the data released by the central bank on Thursday.

Similarly, the country's total reserves rose by $107.5m or 0.82% WoW to $13.19bn.

The reserves held by commercial banks rose by $51.1m or 0.94% WoW to $5.49bn.

To note, after Pakistan reached an agreement with IMF in June, the IMF disbursed $1.2 billion while Saudi Arabia and the United Arab Emirates lent a total of $3bn, raising total foreign reserves to $14.07bn.

Consequently, in the current fiscal year, total liquid foreign reserves have increased by $4.01bn or 43.62%.

However, ever since the boost from the IMF and the Arab countries, fresh inflows seem to have dried up, with the total reserves slowly depleting almost every week.

Meanwhile, the current calendar year has seen an increase of $2.34bn or 21.59%.

Summary of Holding and Weekly Change

Foreign reserves held by September 15, 2023 September 08, 2023 Change % Change
State Bank of Pakistan 7695.3 7638.9 56.40 0.74%
Net Foreign Reserves Held by Banks 5491.3 5440.2 51.1 0.94%
Total Liquid Foreign Reserves 13186.6 13079.1 107.5 0.82%

Amount in USD Million

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Posted on: 2023-09-21T19:19:09+05:00