SBP-held foreign exchange reserves rise by $75 million

WEB DESK: The State Bank of Pakistan (SBP) reported a $75 million increase, or 0.83 per cent, in its foreign exchange reserves for the week ending 26 July 2024, bringing the total to $9.1 billion.

Data released by the central bank on Thursday also showed a rise in the country’s overall reserves, which grew by $56.3 million, or 0.39 per cent, to $14.39 billion.

Conversely, reserves held by commercial banks declined by $18.7 million, or 0.35 per cent, to $5.29 billion.

Over the current fiscal year, SBP-held reserves have decreased by $287.3 million, reflecting a 3.06 per cent drop. However, the total reserves for the calendar year have increased by $881 million, marking a 10.72 per cent rise.

In related news, Pakistan is poised to secure a $7 billion loan from the International Monetary Fund (IMF), pending approval by the IMF’s Executive Board.

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