SBP’s forex reserves edge up by $4 million

WEB DESK: The latest data released on Thursday revealed a slight uptick in the foreign exchange reserves held by the State Bank of Pakistan (SBP).

As of March 22, the reserves increased by $4 million, reaching $8.022 billion.

Alongside, the total liquid foreign reserves of the country amounted to $13.428 billion, with commercial banks holding $5.406 billion in net foreign reserves.

The central bank did not provide specific reasons for this increase, stating simply that during the week ending March 22, SBP’s reserves grew to $8,021.9 million, up by $4 million from the previous week.

Notably, the reserves had witnessed a more significant increase of $105 million the week before, marking a total increase of $126 million over the past three weeks.

In a significant development for Pakistan’s economic landscape, authorities have reached a staff-level agreement with the International Monetary Fund (IMF) regarding the second and final review of the $3 billion Stand-By Arrangement (SBA).

However, this agreement is contingent upon approval by the IMF’s Executive Board, following which the remaining access under the SBA, amounting to $1.1 billion, will become available.

The anticipated inflow from the IMF is expected to bolster the country’s reserves, offering a much-needed boost to its ailing economy. This development serves as a positive indicator amid ongoing economic challenges.

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