SBP-held foreign exchange reserves increase $12mn, now stand at $8.06bn

Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $12 million on a weekly basis, clocking in at $8.06 billion as of August 11, data released on Thursday showed.

Total liquid foreign reserves held by the country stood at $13.38 billion. Net foreign reserves held by commercial banks stood at $5.32 billion.

“During the week ended August 11, 2023, SBP’s reserves increased by $12 million to $8,055.3 million,” the SBP said.

The central bank reserves inched up after falling for three straight weeks, mainly due to debt repayments.

Last week, foreign exchange reserves held by the SBP had witnessed a fall of $110 million due to debt repayments.

In July, reserves held by the SBP got a boost as Pakistan received the first tranche of about $1.2 billion from the International Monetary Fund (IMF) after its lender approved a new $3-billion Stand-By Arrangement. There will be two more quarterly reviews, one in November and the last in February 2024.

Additionally, Saudi Arabia and the UAE, which committed lending earlier, also deposited their financing with Pakistan’s central bank.