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.

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).

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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