Forex reserves rise $67m to $7.7b

KARACHI:

The State Bank of Pakistan (SBP) has reported a 0.88% 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 rose by $67.3 million to $7,714 million in the week ending on October 13, 2023 compared to the previous week’s tally of $7,646.7 million.

The SBP cited no reason for the increase in reserves. The overall liquid foreign currency reserves of the country, including the reserves held by commercial banks, amounted to $12,912.9 million. Commercial banks held reserves of $5,198.9 million.

The central bank reserves have improved modestly in the past few months, primarily due to financial assistance from the International Monetary Fund (IMF) and friendly nations.

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

Debt rollovers by China also provided crucial support for Pakistan’s foreign currency reserves.

Published in The Express Tribune, October 20^th, 2023.

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