SBP reserves surge to $10.7bn after IMF tranche

MG News | October 03, 2024 at 06:47 PM GMT+05:00

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October 03, 2024 (MLN): The foreign exchange reserves held by the State Bank of Pakistan (SBP) surged by $1.17 billion or 12.25% WoW to $10.7 billion during the week ended on September 27, 2024, data released by State Bank of Pakistan showed.

The increase in SBP’s reserves is mainly due to receipt of $1.03bn from the International Monetary Fund (IMF) under EFF program. The central bank's reserves are now at their highest since April 2022.

The country's total reserves increased by $1.11bn or 7.46% WoW to $15.98bn. While the reserves held by commercial banks fell $58.3m or 1.09% WoW to $5.28bn.

In the current fiscal year, SBP-held reserves have increased by $1.31bn or 13.98%.

Meanwhile, the current calendar year has seen an increase of $2.48bn or 30.17%.

**Summary of Holding and Weekly Change**
Foreign reserves held by	September 27, 2024	September 20, 2024	Change	% Change
State Bank of Pakistan	10,701.7	9,533.6	1,168.1	12.25%
Net Foreign Reserves Held by Banks	5,281.2	5,339.5	-58.3	-1.09%
Total Liquid Foreign Reserves	15,982.9	14,873.1	1,109.8	7.46%

Amount in USD Million

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