Wednesday, July 24, 2024

SBP-held forex reserves rise $17mn to $7.91bn

The State Bank of Pakistan (SBP) has reported a $17 million increase in its foreign exchange reserves over the past week, reaching a total of $7.91 billion as of March 8, according to recent data.

With this uptick, the country’s overall liquid foreign reserves now stand at $13.15 billion, including $5.24 billion held by commercial banks in net foreign reserves.

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Read also: IMF Urges Pakistan to End Cheap Gas Subsidies to Fertilizer Plants

While the central bank did not provide specific insights into the cause of this increase, it confirmed the rise in reserves, stating, “During the week ending on March 8, 2024, SBP’s reserves increased by US$ 17 million to US$ 7,912.9 million.

“This development comes after a previous week where Pakistan experienced a decrease in its central bank reserves by $54 million.

Concurrently, talks between the Pakistani government and the International Monetary Fund (IMF) are set to commence today, focusing on the final review of the $3 billion Stand-By Arrangement (SBA).

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Pakistan anticipates receiving $1.1 billion as the last tranche of the SBA contingent upon a successful review by the IMF.

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Zubair Yaqoob
Zubair Yaqoob
Zubair Yaqoob is a senior anchor, and an investigative journalist with an impressive 37 years of experience. Zubair's journalistic journey has been marked by a relentless pursuit of truth and a commitment to delivering impactful stories.Zubair's expertise extends beyond borders, reaching as far as Malaysia, where he has left an indelible mark on the international journalism landscape. His global perspective and keen analytical skills have allowed him to navigate diverse cultural landscapes, bringing a unique and enriching perspective to his reporting.Whether he's in the studio or on the field, Zubair continues to be a driving force in the world of journalism, bridging gaps, fostering understanding, and unraveling the stories that matter most. As the Headline PK Author, Zubair remains at the forefront of news, guiding audiences through the complexities of our ever-evolving world.

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