Forex reserves rise 0.23%, grow to $8.04b

SBP cites no reason for increase in reserves

KARACHI:

Pakistan’s foreign currency reserves increased by 0.23% week-on-week to $8.04 billion, according to the weekly update released by the State Bank of Pakistan (SBP) on Thursday.

The latest data shows that the central bank’s foreign currency reserves reached $8,040.4 million in the week ending March 29, 2024, marking an increase of $18.5 million compared to the previous week’s tally of $8,021.9 million. The central bank did not cite any specific reason for the rise in reserves.

Of the total, the foreign currency reserves held by commercial banks dipped to $5,338.5 million compared to $5,405.7 million a week ago. Accordingly, the country’s total liquid reserves came in at $13,378.9 million in the week under review, down from $13,427.6 million in the prior week.

The reserves increase against the backdrop of a surge in remittances sent home by overseas Pakistanis in February 2024 and a stable Pakistani rupee against the US dollar. The reserves are expected to receive a boost as the government has begun talks with the IMF.

Published in The Express Tribune, April 5^th, 2024.

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