Tag: liquid reserves

  • SBP’s foreign exchange reserves rise by $18.5 million

    SBP’s foreign exchange reserves rise by $18.5 million

    The State Bank of Pakistan (SBP) saw an increase in its foreign exchange reserves, rising by $18.5 million or 0.23 per cent week over week (WoW), reaching $8.04 billion by the week ending March 29, 2024, according to the latest data released by the central bank on Thursday.

    However, the country’s overall reserves took a dip, decreasing by $48.7 million, or 0.36 per cent of WoW, and settling at $13.38 billion. 

    This decline is attributed to a drop in reserves held by commercial banks, which fell by $67.2 million, or 1.24 per cent of WoW, reaching $5.34 billion.

    It’s important to note that in the current fiscal year, total liquid foreign reserves have increased by $4.22 billion, or 46.06 per cent. 

    Additionally, the ongoing calendar year has seen an increase of $0.71 billion, or 5.57 per cent.

  • Pakistan’s forex reserves dip by $173 million, SBP cites debt repayments

    Pakistan’s forex reserves dip by $173 million, SBP cites debt repayments

    The State Bank of Pakistan (SBP) has reported a decrease of $173 million in its foreign exchange reserves on a weekly basis, revealing a total of $8.04 billion as of February 2, according to data released on Thursday.

    The country’s overall liquid foreign reserves are reported to stand at $13.09 billion, with commercial banks holding net foreign reserves amounting to $5.05 billion.

    The SBP has identified debt repayments as the primary factor contributing to the decline in reserves. In an official statement, the SBP stated, “During the week ending on 2-Feb-2024, SBP’s reserves decreased by US$ 173 million to US$ 8,044.0 million due to debt repayments.”

    This follows a trend from the previous week when Pakistan’s central bank reserves experienced a decrease of $54 million. The ongoing challenges related to debt servicing continue to impact the nation’s foreign exchange reserves.

  • State Bank of Pakistan’s reserves soar to $8.27 billion, highest level since July 2023

    State Bank of Pakistan’s reserves soar to $8.27 billion, highest level since July 2023

    In the latest report, the State Bank of Pakistan (SBP) announced a significant rise of $243.1 million, or 3.03 per cent week-on-week, in foreign exchange reserves, reaching $8.27 billion as of January 19, 2024. 

    This boost is credited to the reception of the second installment of SDR 528 million, equivalent to $705.6 million, from the International Monetary Fund (IMF). 

    After settling government external debt repayments, the net increase for the week stands at $243.1 million, marking the highest level for SBP’s reserves since July 14, 2023.

    Furthermore, the total reserves of the country witnessed an increase of $196.3 million, or 1.49 per cent, totaling $13.34 billion during the same week. 

    In contrast, commercial banks experienced a decline in reserves, dropping by $46.8 million, or 0.91 per cent, to $5.07 billion week-on-week.

    It is noteworthy that in the current fiscal year, total liquid foreign reserves have shown a substantial growth of $4.18 billion, reflecting a 45.65 per cent increase. 

    Similarly, the ongoing calendar year has seen a rise of $0.12 billion, marking a 0.91 per cent increase in the nation’s reserves.

  • State Bank of Pakistan’s forex reserves decline to $7.02 billion amidst debt repayments 

    State Bank of Pakistan’s forex reserves decline to $7.02 billion amidst debt repayments 

    During the week ending December 1, 2023, the State Bank of Pakistan (SBP) witnessed a decline of $237 million in its foreign exchange reserves, bringing the total to $7,020.2 million. This reduction is attributed to debt repayments.  

    As of the same date, the country’s overall liquid foreign reserves amounted to $12.1 billion. Commercial banks held net foreign reserves totaling $5.08 billion. 

    Notably, the central bank’s reserves received a boost in July of the current year when Pakistan secured the initial tranche of approximately $1.2 billion from the International Monetary Fund (IMF).  

    This was part of a newly approved $3 billion stand-by arrangement (SBA). Additionally, inflows were received from Saudi Arabia and the UAE. 

    Despite these positive developments, the SBP’s reserves have been under pressure due to ongoing debt repayments, increased import payments following eased restrictions, and a lack of new inflows. 

    In a significant development, the IMF announced last month that a staff-level agreement (SLA) had been reached between its team and Pakistani authorities regarding the first review of the SBA.  

    However, the approval of the IMF Executive Board is required for this agreement to take effect. 

    Upon approval, approximately $700 million (SDR 528 million) will become available, bringing the total disbursements under the programme to almost $1.9 billion. 

    Addressing the media after the SLA with the IMF, Caretaker Finance Minister Dr Shamshad Akhtar expressed confidence that external financing would not be a concern.  

    The government anticipates inflows in December 2023, which are expected to contribute to an increase in foreign exchange reserves. 

  • State Bank of Pakistan’s forex reserves dip by $220 million in weekly report 

    State Bank of Pakistan’s forex reserves dip by $220 million in weekly report 

    The State Bank of Pakistan (SBP) witnessed a notable decline in its foreign exchange reserves, with a weekly reduction of $220 million, bringing the total to $7.5 billion as of October 20th, according to the data released on Thursday. 

    The overall liquid foreign reserves of the country now stand at $12.6 billion, while the commercial banks hold net foreign reserves of $5.1 billion.  

    The decrease in SBP’s reserves was attributed to debt repayments during the week that ended on October 20, 2023, leading to a decrease of $220 million and bringing the total to $7,494.2 million. 

    Last week saw a modest increase of $67 million in Pakistan’s central bank reserves. Notably, Pakistan’s central bank received a significant boost to its reserves in July of this year.  

    This boost was a result of the initial installment of approximately $1.2 billion from the International Monetary Fund (IMF), following the approval of a new $3-billion stand-by arrangement by the IMF. Additionally, Pakistan received inflows from Saudi Arabia and the UAE. 

    Nevertheless, the central bank’s reserves have come under pressure due to a combination of factors, including ongoing debt repayments, increased import payments after the easing of restrictions, and a lack of substantial new inflows. 

  • SBP’s foreign exchange reserves dropped to $7.83 billion

    SBP’s foreign exchange reserves dropped to $7.83 billion

    Owing to debt payments, the State Bank of Pakistan’s (SBP) foreign exchange reserves fell to $7.83 billion as of August 5 from $8.385 billion in the last week.

    It is worth noting that this is the lowest level in over three years, according to figures released by the SBP.

    Pakistan’s overall foreign exchange reserves were $27.067 billion as of August 2021 but fell to $13.561 billion as of August 5, 2022.

    The most recent figures on the country’s foreign exchange holdings came when the reserves were quickly running out due to a $6 billion IMF programme that was stalled and the country was experiencing a lack of external funding.

    Due to debt payments and a lack of external finance, the central bank’s foreign reserves decreased by $555 million or 6.6 per cent every week.

    To reach $13.561 billion, Pakistan’s total liquid foreign reserves decreased by $648 million, or 4.6 per cent, and its commercial banks’ holdings fell by $5.730 billion, or 1.6 per cent.

    The SBP’s reserves are sufficient to cover imports for just over a month, according to The News. The reverse decline was brought on by paying off foreign debt.

    According to the central bank, debt repayments may slow down over the following three weeks of this month.

    On the other hand, the Pakistani rupee continued its upward trend against the US dollar for the ninth day, adding Rs3.38 to trade at Rs215.50 in intraday trade on Friday. The KSE-100 index likewise witnessed an increase of 386 points.