The State Bank of Pakistan (SBP) reported a modest increase in its foreign exchange reserves for the week ending July 26, 2024.
The central bank’s reserves rose by $75 million, or 0.83%, reaching a total of $9.1 billion, according to data released by the SBP on Thursday.
In contrast, the total foreign reserves of the country saw a marginal rise of $56.3 million, or 0.39%, bringing the overall reserves to $14.39 billion. However, reserves held by commercial banks experienced a decline of $18.7 million, or 0.35%, dropping to $5.29 billion.
Year-to-date, reserves held by the SBP have decreased by $287.3 million, representing a 3.06% decline. Nonetheless, in a more positive development, Pakistan has secured a $7 billion loan agreement with the International Monetary Fund (IMF), pending approval from the IMF’s Executive Board. This move is anticipated to provide significant support to the country’s financial stability.
On a calendar-year basis, there has been a notable increase of $881 million, or 10.72%, in the country’s reserves.
Summary of Foreign Reserves as of July 26, 2024:
- State Bank of Pakistan: $9,102.2 million (up $75.0 million, or 0.83%)
- Net Foreign Reserves Held by Banks: $5,289.5 million (down $18.7 million, or -0.35%)
- Total Liquid Foreign Reserves: $14,391.7 million (up $56.3 million, or 0.39%)
The gradual increase in the SBP’s reserves highlights a cautious but steady improvement amid ongoing economic challenges and international financial engagements.