State Bank-held forex reserves rise by $24 million in a week

ISLAMABAD: The State Bank of Pakistan’s (SBP) foreign exchange reserves rose by $24 million (0.25 per cent) to reach $9.53 billion for the week ending on September 20, 2024.

Overall, the country’s total reserves saw a rise of $46.6 million (0.31 per cent), bringing the total to $14.87 billion. Similarly, reserves held by commercial banks grew by $22.6 million (0.43 per cent) to $5.34 billion.

On Wednesday, the International Monetary Fund (IMF) Executive Board completed its 2024 Article IV review and approved a 37-month Extended Fund Facility (EFF) for Pakistan, amounting to SDR 5,320 million (approximately US$7 billion).

This decision allows for an immediate disbursement of SDR 760 million (about US$1 billion), according to an IMF press release.

So far this fiscal year, SBP’s reserves have increased by $144.1 million (1.53 per cent). Since the start of 2024, they have risen by $1.31 billion (15.96 per cent).

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