During the week ending May 3, 2024, the foreign exchange reserves held by the State Bank of Pakistan (SBP) witnessed a substantial increase, climbing by $1.1 billion or 13.92% compared to the previous week, reaching a total of $9.12 billion. This notable rise was primarily attributed to the receipt of $1.1 billion from the International Monetary Fund’s final tranche under the SBA program, as confirmed by the central bank.
Concurrently, the country’s overall reserves experienced a commendable upswing, soaring by $1.14 billion or 8.58% to reach $14.46 billion. Additionally, the reserves held by commercial banks recorded a modest uptick, increasing by $28.6 million or 0.54% to $5.34 billion.
In the current fiscal year, Pakistan’s total liquid foreign reserves have witnessed a remarkable surge, expanding by $5.3 billion or 57.85%. Moreover, within the span of the current calendar year, there has been a notable uptick of $1.79 billion or 14.09%.
Summary of Holding and Weekly Change
- State Bank of Pakistan Reserves: $9,120.3 million (May 3, 2024) – $8,006 million (April 26, 2024) = $1,114.3 million change, a 13.92% increase.
- Net Foreign Reserves Held by Banks: $5,338.6 million (May 3, 2024) – $5,310 million (April 26, 2024) = $28.6 million change, a 0.54% increase.
- Total Liquid Foreign Reserves: $14,458.9 million (May 3, 2024) – $13,316 million (April 26, 2024) = $1,142.9 million change, an 8.58% increase.
