SBP Foreign Reserves Increased from $13m to $12.05b

According to data released on Thursday by the State Bank of Pakistan ( SBP), the foreign exchange reserves kept by the central bank increased by 0.11 percent on a weekly basis.

On July 10, the SBP’s foreign-currency reserves were estimated at $12.054.9 million, up $13 million from $12.041.6 million the week before.

Central bank gave no justification to raise reserves. Overall, the country’s liquid foreign-currency reserves, including net reserves kept by non-SBP banks, stood at $18,952.6 million. Bank-held net assets stood at $6,897.7 million.

On 9 July last year, Pakistan received the first $991.4 million loan tranche from the International Monetary Fund (IMF), which helped raise the reserves. The IMF released the second loan tranche of about $454 million in late December.

A few months back, on Sukuk’s maturity, the SBP successfully made more than $1 billion in foreign debt repayments. Due to inflows from multilateral borrowers including $1.3 billion from the Asian Development Bank, foreign-exchange reserves reached the $10-billion mark in December 2019.

Previously, the reserves had spiraled downward, dipping below the $7-billion level, creating doubt about Pakistan’s ability to fulfill its funding needs. Financial assistance from the United Arab Emirates (UAE), Saudi Arabia and other friendly nations did, however, help shore up foreign reserves.

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