State Bank-held reserves rise, but $15 billion barrier remains unbroken

KARACHI: The State Bank of Pakistan (SBP) saw its foreign exchange reserves rise by $19.2 million, a 0.21 per cent increase, bringing the total to $9.29 billion for the week ending August 16, 2024, according to official data released by the central bank.

Similarly, Pakistan’s overall foreign exchange reserves saw a modest increase of $22.2 million, or 0.15 per cent, reaching $14.67 billion. Reserves held by commercial banks also inched up, gaining $3 million or 0.06 per cent, to total $5.38 billion.

Despite these weekly gains, the SBP’s reserves have declined by $97.7 million, or 1.04 per cent, since the start of the current fiscal year. However, on a calendar year basis, the reserves have grown by $1.07 billion, reflecting a 13.02 per cent increase.

In early July 2024, Pakistan secured a $7 billion loan agreement with the International Monetary Fund (IMF), pending approval from the IMF’s Executive Board. Finance Minister Muhammad Aurangzeb indicated yesterday that progress with the IMF is on track, with hopes for board approval in September.

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