Pakistan’s foreign exchange reserves surge by $17 million

WEB DESK: The State Bank of Pakistan (SBP) witnessed a rise in its foreign exchange reserves by $17 million over the past week, reaching a total of $7.91 billion as of March 8, according to recent data.

The country’s overall liquid foreign reserves now stand at $13.15 billion, with commercial banks holding $5.24 billion in net foreign reserves.

The central bank, however, did not offer specific insights into the cause behind this increase in reserves.

In its statement, it simply noted, “During the week ending on March 8, 2024, SBP’s reserves increased by US$ 17 million to US$ 7,912.9 million.”

This uptick follows a previous week where Pakistan experienced a decrease in its central bank reserves by $54 million.

Concurrently, talks between the Pakistani government and the International Monetary Fund (IMF) are slated to commence today, focusing on the final review of the $3 billion Stand-By Arrangement (SBA).

Pakistan anticipates receiving $1.1 billion as the last tranche of the SBA contingent upon a successful review by the IMF.

The impending influx from the IMF is poised to bolster reserves, serving as a promising indicator for Pakistan’s struggling economy.

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