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:

CategoryValues
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

 

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