Forex reserves rise by $56.4m to $7.7b

No reason cited for increase in foreign currency assets

KARACHI:

The State Bank of Pakistan (SBP) has reported a 0.74% increase in its foreign exchange reserves on a week-on-week basis, with the total now standing at $7.7 billion.

According to data released by the central bank on Thursday, its foreign currency reserves increased by $56.4 million and reached $7,695.3 million in the week ended on September 15, 2023 as compared to the previous week’s tally of $7,638.9 million.

The SBP cited no reason for the increase in reserves. Overall liquid foreign currency reserves of the country, including the reserves held by commercial banks, amounted to $13,186.6 million. Of these, commercial banks had reserves of $5,491.3 million.

Earlier in July 2023, the central bank’s reserves improved significantly, driven primarily by financial assistance from the International Monetary Fund (IMF) and friendly nations.

Under a fresh $3 billion loan programme, spanning nine months, the IMF provided first tranche of $1.2 billion while Saudi Arabia and the United Arab Emirates (UAE) deposited $3 billion in SBP’s accounts.

Published in The Express Tribune, September 22^nd, 2023.

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