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Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $19 million on a weekly basis, clocking in at $8.04 billion as of March 29, data released on Thursday showed.

Total liquid foreign reserves held by the country stood at $13.38 billion. Net foreign reserves held by commercial banks stood at $5.34 billion.

The central bank did not specify a reason for the increase in the reserves.

“During the week ended on 29-Mar-2024, SBP’s reserves increased by US$ 19 million to US$ 8,040.4 million,” it said.

Last week, Pakistan’s central bank reserves had increased by $4 million.

In four weeks, SBP reserves have increased by $145 million.

Last month, Pakistani authorities reached a staff-level agreement with the International Monetary Fund (IMF) on the second and final review of the $3 billion Stand-By Arrangement (SBA).

“This agreement is subject to approval by the IMF’s Executive Board, upon which the remaining access under the SBA, US$1.1 billion will become available,” it added.

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.

Comments

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SAd Apr 05, 2024 02:17am
Can we expect a big current account surplus of $500M in the month of Mar'24. Is it too much to ask???
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