KARACHI, April 4, 2024 (MMF): Pakistan’s foreign exchange reserves witnessed a mixed movement during the week ending March 29, 2024, as reported by the State Bank of Pakistan (SBP) on Thursday.
According to the data released by the central bank, the foreign exchange reserves held by the SBP rose by $18.5 million or 0.23% week-on-week (WoW), reaching $8.04 billion.
However, the country’s total reserves experienced a decline, dropping by $48.7 million or 0.36% WoW to $13.38 billion. This decrease is attributed to a decline in reserves held by commercial banks, which fell by $67.2 million or 1.24% WoW to $5.34 billion.
Prime Minister Shehbaz Sharif announced that Pakistan is poised to receive the final loan tranche worth approximately $1.1 billion from the International Monetary Fund (IMF) this month. He mentioned that Finance Minister Muhammad Aurangzeb will engage in discussions with IMF officials to negotiate the terms of a new program, expected to entail stringent conditions.
During the current fiscal year, total liquid foreign reserves have increased by $4.22 billion or 46.06%. Similarly, the current calendar year has seen an increase of $0.71 billion or 5.57%.
Summary of Holding and Weekly Change:
| Foreign reserves held by | March 29, 2024 | March 22, 2024 | Change | % Change |
|---|---|---|---|---|
| State Bank of Pakistan | $8,040.4 | $8,021.9 | $18.5 | 0.23% |
| Net Foreign Reserves Held by Banks | $5,338.5 | $5,405.7 | -$67.2 | -1.24% |
| Total Liquid Foreign Reserves | $13,378.9 | $13,427.6 | -$48.7 | -0.36% |
