SBP-held foreign exchange reserves increase $17mn, now stand at $7.91bn
- Total liquid foreign reserves held by the country reach $13.15 billion
Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $17 million on a weekly basis, clocking in at $7.91 billion as of March 8, data released on Thursday showed.
Total liquid foreign reserves held by the country stood at $13.15 billion. Net foreign reserves held by commercial banks stood at $5.24 billion.
The central bank did not specify a reason for the increase in the reserves.
“During the week ended on 08-Mar-2024, SBP’s reserves increased by US$ 17 million to US$ 7,912.9 million,” it said.
Last week, Pakistan’s central bank reserves had decreased by $54 million.
Meanwhile, discussions between the Pakistani government and the International Monetary Fund (IMF) on the final review of the $3 billion Stand-By Arrangement (SBA) are expected to start from today.
Pakistan is to receive $1.1 billion as the last tranche of the SBA, provided a successful review by the IMF.
The inflow from the Bretton Woods institution will bring an uptick in the reserves and also prove to be a positive indicator for the country’s ailing economy.
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