SBP Reserves Surge, Cross $7.2 Billion with $77 Million Increase

Web DeskNovember 30, 2023
SBP Reserves Surge, Cross $7.2 Billion with $77 Million Increase

According to data released by the State Bank of Pakistan (SBP), the foreign exchange reserves held by the central bank increased by $77 million on a weekly basis. As of November 24, the foreign currency reserves held by the SBP reached $7.257 billion, marking a $77 million rise compared to $7.180 billion on November 17.

The overall liquid foreign currency reserves of the country, including net reserves held by banks other than the SBP, reached $12.393 billion, indicating an increase of $91 million over the previous week. The net reserves held by banks amounted to $5.136 billion, reflecting a $14 million increase during the week.

Also Read: SBP to Launch RAAST Payment Systems for FBR and BISP

In addition to these developments, the Saudi Fund for Development (SFD) extended the term for the deposit of $3 billion placed with the SBP, originally maturing on December 5, 2023, for another year.

Caretaker Federal Minister for Finance, Dr. Shamshad Akhtar, mentioned last week that Pakistan is expected to receive financial assistance from various multilateral development banks once the first review of the Stand-By Arrangement (SBA) is approved by the International Monetary Fund (IMF) Executive Board. This approval is anticipated to unlock financial assistance from other multilateral financial institutions, totaling around $1.5 billion, in addition to the $700 million from the IMF.

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