SBP Saw Increase in Foreign Exchange Reserves over the Last Week

Karachi: Data provided by the central bank on Thursday indicated a small increase in the State Bank of Pakistan's (SBP) foreign exchange reserves, with a gain of USD 4 million, as reported in the news.

 SBP's foreign exchange reserves as of March 22 were USD 8.022 billion, a marginal increase from USD 8.018 billion as of March 15. With net reserves held by banks besides SBP included, the nation's total liquid foreign currency reserves came to USD 13.428 billion, a rise of USD 37 million over the previous week.

Also Read: SBP Reserves Declines by $54 million to $8.216bn

Bank net reserves increased by USD 33 million over the week to USD 5.406 billion . Notably, Pakistani authorities and IMF officials reached a consensus last week regarding Bank net reserves increased by USD 33 million over the week to USD 5.406 billion. 

Notably, Pakistani authorities and IMF personnel reached a consensus last week regarding the final review required by Pakistan's Stand-By Arrangement. This deal is anticipated to allow Pakistan to access the final loan tranche of USD 1.1 billion, which would significantly strengthen the nation's reserves, pending approval from the IMF Executive Board.