SBP-held foreign exchange reserves rise by $15.8 million to $9.11 billion
The State Bank of Pakistan (SBP) reported a modest increase in its foreign exchange reserves, rising by $15.8 million or 0.17 per cent week-on-week (WoW) to reach $9.11 billion as of May 31, 2024, according to data released on Thursday.
The central bank did not provide specific reasons for this increment.
Conversely, Pakistan’s total reserves saw a decline, falling by $99.8 million or 0.70 per cent WoW to $14.22 billion. This reduction was primarily attributed to a significant drop in reserves held by commercial banks, which decreased by $115.6 million or 2.21 per cent WoW, settling at $5.11 billion.
Since the start of the current fiscal year, the SBP’s reserves have experienced a substantial increase of $4.64 billion or 103.95 per cent.
This notable rise is largely due to Pakistan securing the International Monetary Fund’s (IMF) Stand-By Arrangement (SBA) of approximately $3 billion by the end of June last year, which facilitated access to additional multilateral and bilateral funding.
In the current calendar year, the SBP’s reserves have increased by $888.3 million or 10.8 per cent, reflecting a steady improvement in the country’s financial standing.