Tag: SBP report

Pakistan’s forex reserves surge by $1.17 billion, reaching highest level since April 2022

The foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $1.17 billion in one week.

Despite the fact that the latest ‘surge’ is due to a loan, the SBP’s reserves are currently at their highest level since April 2022.

According to data from the central bank for the week ending September 27, Pakistan’s foreign exchange reserves rose by more than 12 per cent as compared to the previous week, hitting $10.7 billion.

This increase is mainly due to a $1.03 billion loan received from the International Monetary Fund (IMF) under the Extended Fund Facility (EFF) programme.

Moreover, the country’s net reserves climbed by $1.11 billion, or 7.46 per cent, compared to the previous week, reaching $15.98 billion.

However, reserves held by commercial banks fell by $58.3 million, or 1.09 per cent, in the same period, now standing at $5.28 billion.

Since the start of the current fiscal year, SBP-held reserves have grown by $1.31 billion, or 13.98 per cent. In the current calendar year, reserves have increased by $2.48 billion, or 30.17 per cent.

October 3, 2024
Pakistan records current account deficit of nearly $270 million

In the latest economic update, Pakistan has reported a current account deficit of $269 million for the month of February, according to data released by the State Bank of Pakistan (SBP).

This shift is attributed to a notable decrease in exports coupled with a surge in imports.

The data reveals that total exports experienced a 4.40 per cent month-on-month (MoM) decline, amounting to $3.37 billion in February, compared to $3.53 billion in the preceding month.

However, on a year-on-year (YoY) basis, exports displayed positive growth, rising by 15.84 per cent from $2.91 billion in the corresponding month of the previous year.

Conversely, total imports registered an 11.01 per cent MoM increase and a 21.33 per cent YoY surge, reaching $5.51 billion in February. This compares to $4.96 billion in December and $4.54 billion in January of the previous year.

On a cumulative basis, the current account deficit for the first seven months of fiscal year 2023-24 (7MFY24) stands at $1.09 billion, showcasing a significant 71.21 per cent YoY improvement compared to the $3.8 billion deficit recorded in the same period of the previous fiscal year.

Meanwhile, workers’ remittances for January saw a marginal 0.63 per cent MoM increase, reaching $2.4 billion, compared to $2.38 billion in the previous month.

On a YoY basis, remittances experienced a substantial rise of 26.16 per cent, standing at $1.9 billion in January 2024.

Looking at the cumulative figures for 7MFY24, workers’ remittances amounted to $15.83 billion, reflecting a 2.97 per cent YoY decrease from $16.32 billion in 7MFY23.

February 20, 2024
Pakistan sees 18th straight month of decline in auto financing

In December 2023, automobile financing in Pakistan recorded a significant decline, reaching Rs251.25 billion, marking a 25.55 per cent year-on-year drop and a 2.26 per cent month-on-month decrease.

This contrasts with Rs333.747 billion in December 2022 and Rs257.06 billion in November 2023, as revealed by the latest central bank data.

Notably, this marks the eighteenth consecutive monthly decrease in automobile financing, attributed to factors such as elevated interest rates, a surge in car prices, regulatory constraints on loan acquisition, and increased taxes on automobile imports and components.

According to data from the State Bank of Pakistan (SBP), consumer financing for house building reached Rs208.15 billion by the end of December 2023, reflecting a 3.17 per cent year-on-year decrease.

On a monthly basis, house building financing showed a marginal increase compared to the previous month’s Rs206.92 billion.

Simultaneously, financing for personal use amounted to Rs244.41 billion, experiencing a 3.84 per cent year-on-year decline and a 0.64 per cent month-on-month decrease, indicating a challenging trend in the lending landscape for various purposes.

January 20, 2024
US dollar surges by Rs1.90, closes at Rs279.80 against Pakistani rupee

According to the State Bank of Pakistan, the US dollar demonstrated further appreciation against the Pakistani rupee in the interbank market on Monday.

Interbank closing #ExchangeRate for today https://t.co/9NkXNq0O3o #SBPExchangeRate pic.twitter.com/sEONrzxoFM

— SBP (@StateBank_Pak) July 10, 2023

The American currency gained Rs1.90 against the local currency, closing at a rate of Rs279.80, compared to the previous day’s closing rate of Rs277.90.

Concurrently, in the open market, the dollar is being traded at Rs283. It is noteworthy that the Pakistani rupee had experienced a gain of Rs10.58 over the course of last week.

Anticipating future trends, Malik Bostan, the President of the Exchange Companies Association of Pakistan (ECAP), expressed his belief that the value of the dollar will continue to decrease in the upcoming days.

Furthermore, the price of gold in Pakistan also experienced a slight increase at the beginning of the week, corresponding to the devaluation of the rupee against the dollar.

As per the data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-carat gold rose by Rs800 per tola and Rs686 per 10 grammes, reaching Rs209,000 and Rs179,184 respectively.

July 10, 2023