SBP reserves surge $620m on ADB loan proceeds
By MG News | December 05, 2024 at 07:59 PM GMT+05:00
December 05, 2024 (MLN): The foreign exchange reserves held by the State Bank of Pakistan (SBP) surged by $619.8 million or 5.43% WoW to $12.04 billion during the week ended on November 29, 2024, data released by State Bank of Pakistan showed on Thursday.
The rise in reserves is attributed to the proceeds from the Asian Development Bank (ADB) for Climate Change and Disaster Resilience Enhancement Program (CDREP).
As a result, the country's FX reserves have climbed to the highest level since March 2022.
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Similarly, the country's total reserves increased by $543.8m or 3.38% WoW to $16.62bn.
The reserves held by commercial banks fell by $76m or 1.63% WoW to $4.58bn.
In the current fiscal year, SBP-held reserves have increased by $2.65bn or 28.21%.
Meanwhile, the current calendar year has seen an increase of $3.82bn or 46.43%.
| Foreign reserves held by | November 29, 2024 | November 22, 2024 | Change | % Change |
|---|---|---|---|---|
| State Bank of Pakistan | 12,038.3 | 11,418.5 | 619.8 | 5.43% |
| Net Foreign Reserves Held by Banks | 4,581.7 | 4,657.7 | -76.0 | -1.63% |
| Total Liquid Foreign Reserves | 16,620.0 | 16,076.2 | 543.8 | 3.38% |
Amount in USD Million
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