SBP’s forex reserves surge by $493.7 million amid multilateral support

KARACHI: The State Bank of Pakistan (SBP) reported a notable increase in its foreign exchange reserves, which surged by $493.7 million, marking a 5.55 per cent week-on-week rise to reach $9.39 billion for the week ending June 28, 2024.

The SBP attributed this increase to official inflows from multilateral agencies. “During the week ended on June 28, 2024, SBP reserves increased by $494 million due to official inflows from multilateral agencies,” the central bank stated.

Overall, the country’s total foreign reserves rose by $365.7 million, a 2.57 per cent week-on-week increase, bringing the total to $14.57 billion. However, reserves held by commercial banks saw a decline of $128 million, or 2.41 per cent week-on-week, falling to $5.18 billion.

For the fiscal year 2023-24, the SBP’s reserves saw a significant boost, increasing by $4.92 billion, or 110 per cent.

This substantial growth followed the International Monetary Fund’s (IMF) Stand-By Arrangement (SBA) of approximately $3 billion secured by the end of June last year, which facilitated additional multilateral and bilateral funding.

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