Foreign exchange reserves held by the State Bank of Pakistan (SBP) significantly increased by $1.114 billion on a weekly basis, clocking in at $9.12 billion as of May 3, data released on Thursday showed.

Total liquid foreign reserves held by the country stood at $14.46 billion. Net foreign reserves held by commercial banks stood at $5.34 billion.

This brings the SBP-held reserves to a nearly two-year high, as the dollar stockpile was last recorded above $9 billion back on July 15, 2022.

The central bank said the significant increase in the reserves was in line with $1.1 billion inflow from the International Monetary Fund (IMF), which was the final tranche of the $3 billion Stand-By Arrangement (SBA).

“During the week ended on 03-May-2024, SBP reserves increased by US$ 1,114 million to US$ 9,120.3 million mainly due to receipt of US$1.1 billion from IMF as final tranche under SBA program,” the central bank’s statement read.

Last week, Pakistan’s central bank reserves increased by $25 million.

On April 30, Pakistan received $1.1 billion from the IMF in the final tranche of the 9-month SBA. The development had come after the Executive Board of the IMF approved the funding for Pakistan.

The SBP had last week said that the IMF amount would reflect in its foreign exchange reserves for the week ending on May 3, 2024.