SBP Reserves Near $4.5 Billion Following Another Significant Increase

Web DeskJuly 6, 2023
SBP Reserves Near $4.5 Billion Following Another Significant Increase

According to data provided by the State Bank of Pakistan (SBP) on Thursday, the central bank’s foreign exchange reserves increased significantly for the second week in a row.

The SBP’s foreign currency reserves was at $4.462 billion on June 30, up $392 million from $4.070 billion on June 23. The central bank stated in a statement that the increase was primarily due to official Government of Pakistan (GoP) inflows.

Read more : Naila Kiani is the first Pakistani woman to summit Nanga Parbat, the world’s ninth highest peak.

The country’s total liquid foreign currency reserves, including net reserves held by banks other than the SBP, remained at $9.744 billion, up $403 million from the previous week. Bank net reserves remained at $5.282 billion, up $11 million over the previous year.

It is worth noting that the International Monetary Fund (IMF) recently reached a staff-level agreement with Pakistan on a $3 billion stand-by arrangement. The IMF Executive Board will meet on July 12 to approve the first tranche of $1.1 billion for Pakistan under the SBA.

Finance Minister Ishaq Dar recently voiced optimism that Pakistan’s foreign reserves would surpass $15 billion by the end of the government’s tenure. Aside from the IMF loan, the administration is also anticipated to receive cash from friendly countries and international partners, with the majority of it arriving this month.

 

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