During the week ending April 26, 2024, the foreign exchange reserves held by the State Bank of Pakistan (SBP) experienced a modest increase of $24.8 million or 0.31% WoW, reaching $8.01 billion, as per data released by the central bank on Thursday. Similarly, the country’s total reserves witnessed a rise of $35.5 million or 0.27% WoW, totaling $13.32 billion.
Commercial banks also saw an uptick in reserves, with an increase of $10.7 million or 0.2% WoW, bringing their total reserves to $5.31 billion.
A significant development contributing to this increase is the receipt of the final installment of SDR 528 million, equivalent to approximately $1.1 billion, from the International Monetary Fund (IMF). This disbursement, expected to be reflected in SBP reserves for the week ending May 03, 2024, bolsters Pakistan’s reserves.
The 9-month Stand-By Arrangement (SBA) approved by the IMF’s Executive Board in July 2023 has played a vital role in providing policy stability to address both domestic and external imbalances, along with facilitating financial support from various multilateral and bilateral partners.
For the current fiscal year, total liquid foreign reserves have surged by $4.16 billion or 45.37%, while the ongoing calendar year has seen an increase of $0.64 billion or 5.07%.
Here’s a summary of the holdings and weekly changes:
- State Bank of Pakistan: $8,006 million (up from $7,981.2 million last week) – an increase of $24.8 million or 0.31%.
- Net Foreign Reserves Held by Banks: $5,310 million (up from $5,299.3 million last week) – an increase of $10.7 million or 0.20%.
- Total Liquid Foreign Reserves: $13,316 million (up from $13,280.5 million last week) – an increase of $35.5 million or 0.27%.
These figures demonstrate a positive trajectory in Pakistan’s foreign exchange reserves, reflecting a favorable economic outlook and enhanced financial stability.
