SBP Reserves Rise $31.4m to $9.13bn

The foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $31.4 million or 0.34% WoW to $9.13 billion during the week ended on June 14, 2024, data released by SBP showed on Thursday.

The central bank did not specify a reason for the increase.

Similarly, the country's total reserves increased by $30.8m or 0.21% WoW to $14.41bn.

The reserves held by commercial banks fell slightly by $0.6m or 0.01% WoW to $5.28bn.

In the current fiscal year, SBP-held reserves have increased by $4.67bn or 104.52%.

This significant boost comes after the country secured the International Monetary Fund’s (IMF) Stand-By Arrangement (SBA) of about $3bn by end-June last year, which also helped unlock multilateral and bilateral funding.

Meanwhile, the current calendar year has seen an increase of $913.5m or 11.11%.

Following the completion of the IMF program, the country is now in talks with the lender for a larger and longer loan, estimated to be about $6-$8bn.