SBP’s foreign exchange reserves surge by $105 million

WEB DESK: The State Bank of Pakistan (SBP) witnessed a significant uptick in foreign exchange reserves, with an increase of $105 million or 1.33 per cent week-over-week (WoW), reaching a total of $8.02 billion by the week ending March 15, 2024.

Furthermore, the nation’s overall reserves experienced a noteworthy surge, climbing by $239.4 million or 1.82 per cent WoW, totaling $13.39 billion.

Concurrently, commercial banks also observed a rise in reserves, marking an increase of $134.4 million or 2.57 per cent WoW, amounting to $5.37 billion.

In a notable development, the International Monetary Fund (IMF) staff and Pakistani authorities have successfully negotiated a staff-level agreement concerning the second and final review under Pakistan’s Stand-By Arrangement.

This agreement is subject to the endorsement of the IMF’s Executive Board. Upon approval, Pakistan is slated to gain access to SDR 828 million, approximately equivalent to $1.1 billion.

It is noteworthy that throughout the current fiscal year, total liquid foreign reserves have demonstrated a significant surge, witnessing an increase of $4.23 billion or 46.19 per cent.

Meanwhile, the ongoing calendar year has seen a rise of $0.72 billion or 5.66 per cent.