The State Bank of Pakistan (SBP) witnessed a significant surge in its foreign exchange reserves, climbing by $105 million or 1.33% week-over-week (WoW) to reach $8.02 billion by the week ending March 15, 2024, as per data released by the central bank on Thursday.
OVERALL RESERVES INCREASE
The country’s total reserves also saw a notable increase, rising by $239.4 million or 1.82% WoW to $13.39 billion during the same period.
COMMERCIAL BANKS’ RESERVES UP
Concurrently, the reserves held by commercial banks experienced an uptick, growing by $134.4 million or 2.57% WoW to $5.37 billion.
IMF AGREEMENT BOOSTS OUTLOOK
In a significant development, the International Monetary Fund (IMF) staff and Pakistani authorities have reached a staff-level agreement on the second and final review under Pakistan’s Stand-By Arrangement. This agreement, subject to approval by the IMF’s Executive Board, will grant Pakistan access to SDR 828 million, equivalent to around $1.1 billion.
STRONG RESERVE PERFORMANCE
Notably, in the current fiscal year, Pakistan’s total liquid foreign reserves have surged by $4.23 billion or 46.19%. Additionally, the ongoing calendar year has witnessed a robust increase of $0.72 billion or 5.66%.
SUMMARY OF RESERVE HOLDINGS AND WEEKLY CHANGES
Foreign reserves held by:
| Category | Values |
|---|---|
| State Bank of Pakistan | $8017.9 – March 15, 2024 $7912.9 – March 08, 2024 $105.0 – Change 1.33% – % Change |
| Net Foreign Reserves Held by Banks | $5372.8 – March 15, 2024 $5238.4 – March 08, 2024 $134.4 – Change 2.57% – % Change |
| Total Liquid Foreign Reserves | $13390.7 – March 15, 2024 $13151.3 – March 08, 2024 $239.4 – Change 1.82% – % Change |
