Recent data released by the State Bank of Pakistan (SBP) reveals a modest uptick in the country’s foreign exchange reserves. The SBP’s reserves increased by $4 million or 0.05% WoW to reach $8.02 billion by the week ending March 22, 2024. Similarly, the total reserves of Pakistan experienced a slight rise of $36.9 million or 0.28% WoW, reaching $13.43 billion during the same period.
COMMERCIAL BANKS CONTRIBUTE TO RESERVE GROWTH
Contributing to this growth, the reserves held by commercial banks also saw a positive trajectory, increasing by $32.9 million or 0.61% WoW to stand at $5.41 billion. This collective increase in reserves reflects a steady strengthening of Pakistan’s financial position in the global market.
PKR INTERBANK RATES – THURSDAY, 28 MARCH 2024
PAKISTAN STOCK EXCHANGE (PSX) KSE-100 INDEX HITS HISTORIC HIGH, REGISTERS BULLISH TREND
IMF STAFF-LEVEL AGREEMENT
In a significant development, the IMF staff and Pakistani authorities have successfully reached a staff-level agreement on the second and final review under Pakistan’s Stand-By Arrangement. This agreement, subject to the approval of the IMF’s Executive Board, will grant Pakistan access to SDR 828 million, approximately $1.1 billion.
IMPACT ON FISCAL YEAR AND CALENDAR YEAR RESERVES
Notably, in the current fiscal year, total liquid foreign reserves have surged by $4.27 billion or 46.59%, underscoring Pakistan’s improving economic resilience. Furthermore, the ongoing calendar year has witnessed an increase of $0.75 billion or 5.95%, reflecting sustained momentum in reserve accumulation.
SUMMARY OF HOLDINGS AND WEEKLY CHANGE
- State Bank of Pakistan: $8,021.9 million (March 22, 2024) – $8,017.9 million (March 15, 2024) – Change: $4.0 million – % Change: 0.05%
- Net Foreign Reserves Held by Banks: $5,405.7 million (March 22, 2024) – $5,372.8 million (March 15, 2024) – Change: $32.9 million – % Change: 0.61%
- Total Liquid Foreign Reserves: $13,427.6 million (March 22, 2024) – $13,390.7 million (March 15, 2024) – Change: $36.9 million – % Change: 0.28%
