SBP-held foreign exchange reserves increase $25mn, now stand at $8bn – Markets

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Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $25 million on a weekly basis, clocking in at $8 billion as of April 26, data released on Thursday showed.

Total liquid foreign reserves held by the country stood at $13.3 billion. Net foreign reserves held by commercial banks stood at $5.3 billion.

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

“During the week ended on 26-Apr-2024, SBP’s reserves increased by US$ 25 million to US$ 8,006.0 million,” it said.

Last week, Pakistan’s central bank reserves had decreased by $74 million to fall below $8 billion.

Pakistan has received $1.1 billion from the International Monetary Fund (IMF) in the final tranche of the $3 billion Stand-By Arrangement (SBA), the SBP said on Tuesday.

The development came after the Executive Board of the IMF approved the funding for Pakistan.

The amount would reflect in the SBP’s foreign exchange reserves for the week ending on May 3, 2024, the central bank said.



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