Tag: $13.15 billion

  • SBP’s foreign exchange reserves rise by $13 million

    SBP’s foreign exchange reserves rise by $13 million

    In a positive development for Pakistan’s economic landscape, the State Bank of Pakistan (SBP) reported a weekly increase of $13 million in its foreign exchange reserves, reaching a total of $8.05 billion as of February 9, according to data released on Thursday.

    The country’s overall liquid foreign reserves now stand at $13.15 billion, with commercial banks holding a significant share of $5.1 billion in net foreign reserves.

    The central bank, however, did not provide specific details or reasons for the notable upswing in reserves during the mentioned week.

    In a statement, the SBP stated, “During the week ended on February 9, 2024, the SBP’s reserves increased by US$ 13 million to US$ 8,056.5 million.”

    This positive development comes on the heels of last week’s decrease in Pakistan’s central bank reserves, which experienced a dip of $173 million.

    The recent rebound signals resilience and stability in the nation’s economic standing, and financial analysts are likely to scrutinise the factors contributing to this uptick in the coming days.

    As the global economic landscape continues to evolve, Pakistan’s foreign exchange reserves play a crucial role in navigating economic challenges, and the recent increase reflects ongoing efforts to bolster the country’s fiscal strength.

    Experts anticipate that a robust foreign reserve position will provide a buffer against external shocks and instill confidence in the financial markets.

  • Pakistan’s forex reserves witness a dip of $127 million

    Pakistan’s forex reserves witness a dip of $127 million

    In a recent report, it was revealed that the foreign exchange reserves held by the State Bank of Pakistan (SBP) experienced a decline of $127 million during the week ending January 12, settling at $8.03 billion.

    The country’s total liquid foreign reserves, including those held by commercial banks, amounted to $13.15 billion. Specifically, commercial banks held net foreign reserves of $5.12 billion.

    The SBP attributed the reduction in reserves to debt repayments, stating, “During the week ending on January 12, 2024, the SBP’s reserves decreased by US$ 127 million to US$ 8,027.4 million due to debt repayments.”

    Notably, the previous week had also seen a decrease in Pakistan’s central bank reserves, amounting to $66 million.

    In a significant development, Pakistan received a tranche of $705.6 million from the International Monetary Fund (IMF), as confirmed in a statement by the SBP on Wednesday.

    The central bank stated, “The SBP has received SDR 528 million (equivalent to $705.6 million) on January 16, 2024, from the IMF following the successful completion of the first review by the Executive Board of the IMF under Standby Arrangement (SBA).”

    The impact of this disbursement will be reflected in the central bank reserves for the week ending January 19.