SBP’s forex reserves dip by over $63 million

WEB DESK: In the week concluding on February 23, 2024, the State Bank of Pakistan (SBP) experienced a decrease of $63.2 million in its foreign exchange reserves, reflecting a 0.79 per cent decline.

The current standing of these reserves is reported at $7.95 billion, as disclosed by the central bank on Thursday. This reduction is attributed to debt repayments, according to the official statement.

Moreover, the overall reserves of the country also observed a decline, registering a decrease of $59.3 million, or 0.45 per cent, week on week, settling at $13.04 billion.

In contrast, commercial banks displayed a minor increase in their reserves, with a growth of $3.9 million, or 0.08 per cent, reaching a total of $5.09 billion.

A notable trend in the ongoing fiscal year is the substantial surge in total liquid foreign reserves, witnessing an impressive increase of $3.88 billion, equivalent to 42.34 per cent.

On the other hand, the calendar year 2024 has seen a growth of $0.37 billion, or 2.88 per cent.

The report from the central bank sheds light on the intricate dynamics influencing Pakistan’s financial landscape, emphasising the role of debt repayments in impacting the nation’s foreign exchange reserves.

This information provides a comprehensive overview of the recent developments in Pakistan’s economic scenario.

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