SBP Reserves Cross $8 Billion Mark with $105 Million Increase
By
March 22, 2024
The State Bank of Pakistan (SBP) got a boost in its foreign exchange reserves last week, adding $105 million to its stash, as per the latest data from the bank released on Thursday.
As of March 15, the SBP’s foreign currency reserves hit $8.018 billion, jumping up from $7.913 billion recorded on March 8.
The total liquid foreign currency reserves in Pakistan, including reserves held by banks other than the SBP, reached $13.391 billion, marking a $239 million increase compared to the previous week.
Banks, excluding the SBP, held net reserves worth $5.373 billion, showing a rise of $134 million during the week.
Earlier in the week, the International Monetary Fund (IMF) staff and Pakistani authorities came to a staff-level agreement regarding the final review under Pakistan’s Stand-By Arrangement. This agreement, pending approval from the IMF’s Executive Board, could pave the way for Pakistan to receive the last loan installment of $1.1 billion.
