The SBP’s reserves have decreased by $236.2 million, or 2.52 per cent, since the start of the current fiscal year.
ISLAMABAD: The State Bank of Pakistan (SBP) reported a modest rise in its foreign exchange reserves, which increased by $51.1 million, or 0.56 per cent, to reach $9.15 billion for the week ending August 2, 2024.
This week-on-week improvement reflects a positive shift in Pakistan’s financial stability.
Total reserves for the country also saw a notable increase, climbing by $80.2 million, or 0.56 per cent, to $14.47 billion. Commercial banks contributed to this uptick, with their reserves growing by $29.1 million, or 0.55 per cent, to $5.32 billion.
Despite this recent growth, the SBP’s reserves have decreased by $236.2 million, or 2.52 per cent, since the start of the current fiscal year. However, the broader picture for the calendar year is more optimistic, with reserves up by $932.1 million, or 11.34 per cent.
In a significant development, Pakistan has negotiated a $7 billion loan agreement with the International Monetary Fund (IMF), pending approval by the IMF’s Executive Board. This loan is expected to bolster the nation’s financial position further.
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Additionally, SBP Governor Jameel Ahmad has provided reassurance regarding the country’s fiscal outlook. He confirmed that over $16 billion of the outstanding debt for fiscal year 2025 is set to be rolled over by friendly nations.
This rollover will ease the government’s financial pressures, reducing the remaining debt payments for the fiscal year to $10 billion, due by June 2025.
