Pakistan’s central bank reserves increase $56mn, now stand at $7.7bn
- Dollar stockpile with State Bank of Pakistan rises after declining for 4 straight weeks
Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $56 million on a weekly basis, clocking in at $7.7 billion as of September 15, data released on Thursday showed.
Total liquid foreign reserves held by the country stood at $13.19 billion. Net foreign reserves held by commercial banks stood at $5.49 billion.
The central bank did not specify reason for the increase in the reserves.
“During the week ended on 15-Sep-2023, SBP’s reserves increased by US$ 56 million to US$ 7,695.3 million,” it said.
Last week, SBP’s forex reserves had declined by $140 million.
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. It also got inflows from Saudi Arabia and the UAE.
However, the central bank reserves had been under pressure due to debt repayments, rise in import payments after ease in restrictions, and lack of fresh inflows.
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