SBP’s forex reserves climb to $8.04 billion

WEB DESK: The State Bank of Pakistan (SBP) witnessed a notable uptick in its foreign exchange reserves, climbing by $18.5 million or 0.23 per cent week over week (WoW) to reach $8.04 billion by the week ending on March 29, 2024.

Contrastingly, the nation’s overall reserves experienced a decline, dipping by $48.7 million or 0.36 per cent WoW to stand at $13.38 billion.

This decrease primarily stemmed from a reduction in reserves held by commercial banks, which saw a decrease of $67.2 million or 1.24 per cent WoW, settling at $5.34 billion.

It is noteworthy that in the ongoing fiscal year, total liquid foreign reserves have surged by $4.22 billion or 46.06 per cent.

Additionally, the current calendar year has witnessed an increase of $0.71 billion or 5.57 per cent.

Prime Minister Shehbaz Sharif made a significant revelation, indicating that the country is poised to receive the final installment of a loan tranche valued at approximately $1.1 billion from the International Monetary Fund (IMF) later this month.

He elaborated further, mentioning that Finance Minister Muhammad Aurangzeb will engage in discussions with IMF officials to negotiate the terms of a new programme, anticipated to entail stringent conditions.

Read next: PIA announces airfare discounts for Umrah pilgrims